Section-47: Expenditure on agricultural extension project and skill development project

Section-47 : Expenditure on agricultural extension project and skill development project

Section-47 provides for deduction of expenses incurred for agricultural extension projects and skill development projects. Learn to understand the section-47 as it is, it's help and useful links to follow.

Here onwards, "Act" refers to "Income Tax Act 2025"

1. Section-47 as per act

Any expenditure (excluding cost of any land or building) incurred, on––
1. agricultural extension project by any assessee; or
2. 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.
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.