Section 35 of ITA, 1961 : Section 35: Expenditure On Scientific Research

ITA, 1961

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Explanation using Example

Imagine a pharmaceutical company, Pharma Innovations Ltd., that spends 2 million rupees on scientific research in the financial year 2022-23. The research is directly related to their business and is aimed at developing a new drug. The expenditure is not on capital assets like buildings or machinery, but on salaries for research scientists and the purchase of laboratory supplies.

According to Section 35 of the Income-tax Act, 1961, Pharma Innovations Ltd. can claim a deduction for this expenditu...

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