State the rate of deduction allowable under the Income-tax Act, 1961 while assessing income from business or profession in the following cases: (iii) Contribution to approved scientific research association including soc
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2015
State the rate of deduction allowable under the Income-tax Act, 1961 while assessing income from business or profession in the following cases: (iii) Contribution to approved scientific research association including social and statistical research.
Answer & Explanation:
Contribution to an approved Scientific research association which has its object undertaking of scientific research qualifies for 175% deduction under section 35(1)(ii). However where the contribution has been made to a research association which has as its object the undertaking of research in social science or statistical research, the deduction is 125% under section 35(1)(iii) of the Income Tax Act, 1961.
Topics: Income Tax
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