Expenditure on agricultural extension project and skill development project
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.]
Section 47(1) of Income Tax Act 2025
47(1) Any expenditure (excluding cost of any land or building) incurred, on––
- (a) agricultural extension project by any assessee; or
- (b) any skill development project by a company,
shall be allowed as a deduction, in the tax year in which such expenditure is incurred provided such project is notified as per the guidelines issued by the Board.
Section 47(2) of Income Tax Act 2025
47(2) If a deduction under this section is claimed and allowed for any tax year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed for such expenditure under any other provision of this Act for the same or any other tax year.
