XYZ limited commenced production on 1st December 2019 of paper boards made payments (i) on 1st January 2020 of ₹1,00,000 to the Indian Agricultural Research Association, Jaipur being an approved research association unde
CS Executive · Tax Laws and Practice · PYQS · December 2020
XYZ limited commenced production on 1st December 2019 of paper boards made payments (i) on 1st January 2020 of ₹1,00,000 to the Indian Agricultural Research Association, Jaipur being an approved research association under section 35(1)(ii) for the purpose of carrying out scientific research in natural science and (ii) on 15th January 2020 of ₹50,000 to the Indian Institute of Management, Ahmadabad being an approved institute under section 35(1)(iii) for the purpose of carrying out research in social or statistical science. The amount of deduction available to XYZ limited under section 35(1) for the assessment year 2020-21, if the scientific research not related to the business of the assessee-company is ______.
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Profits and Gains of Business or Profession
Related Questions in this Topic
- Mark to market loss computed in accordance with income computation and disclosure standards (ICDS) is being allowable as...
- GG Goods Transporters engaged in the business of carriage of goods owns on 1st April, 2019 trucks consisting (i) 6 heavy...
- Maintenance of such books of accounts and other documents is compulsory under section 44AA of the Income Tax Act, 1961 w...
- XYZ Ltd paid an amount of ₹2,00,000 towards rent for the business premises to Ramavtar on 12.01.2020 and did not deduct ...
- Any expenditure incurred by an assessee on the activities relating to the corporate social reasonability (CSR) referred ...