X Ltd. paid ₹10 lakh to an approved college to be used for scientific research unrelated to its business. The amount eligible for deduction under section 35(1)(ii) is

CS Executive · Tax Laws and Practice · PYQS · December 2015
X Ltd. paid ₹10 lakh to an approved college to be used for scientific research unrelated to its business. The amount eligible for deduction under section 35(1)(ii) is
(A) ₹5 lakh
(B) ₹10 lakh
(C) ₹17.50 lakh
(D) Nil.

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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