XYZ Ltd. paid ₹5 lakh on 22-1-2019 to a national level laboratory for carrying scientific research unrelated to the business of the company. The amount of deduction eligible under section 35(2AA) of the Income Tax Act, 1

CS Executive · Tax Laws and Practice · PYQS · June 2019
XYZ Ltd. paid ₹5 lakh on 22-1-2019 to a national level laboratory for carrying scientific research unrelated to the business of the company. The amount of deduction eligible under section 35(2AA) of the Income Tax Act, 1961 is:
(A) ₹5,00,000 @ 100%
(B) ₹6,25,000 @ 125%
(C) ₹7,50,000 @ 150%
(D) ₹10,00,000 @ 200%

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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