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What is the Provision of Section 35AD of the Income Tax Act?

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Ishita Ramani Ishita Ramani
Answered on May 12,2022

The deduction is granted under section 35AD for any capital expenditure incurred solely and exclusively for carrying out a specified business. Notably, the section 35AD deduction does not apply to expenses incurred for the acquisition of land, financial instruments, or goodwill. Furthermore, the deduction is not possible when a single payment/aggregate of payments to a single person exceeds INR 10,000 and is made in cash, bearer cheque, or crossed cheque.

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