weighted deduction @150% of the expenditure incurred on skill development under section 35CCD of the Income ­tax Act,1961.

The National Manufacturing Policy (NMP), 2011 proposed to provide inter alia,  the  following  direct  taxes  incentives  to  promote  skill
development.

As  a  follow  up  of  NMP,  Finance  Act,  2012  inserted  a  new  Section 35CCD  in  the  Income‐tax  Act,  1961(‘the  Act’)  which  provides  that  for computing  business  income,  a  company  shall  be  allowed  a  weighted deduction  of 150%  of expenses  (other  than land  or  building) incurred  on skill  development  project  notified  by  the  Board  in  accordance with the guidelines as may be prescribed.

To view full circular, please follow the link

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