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TypeBare Act JurisdictionCentral Government

Finance Act 2001 Section 24

Insertion of New Section 35dda

~1 min read
https://sooperkanoon.com/act/34206

Bare act section · Research

About this section

Finance Act 2001 Section 24 is part of Finance Act 2001 - Insertion of New Section 35dda. Read the section text below and explore Indian court judgments that cite it.

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Section Text

After section 35DD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2002, namely :-

"35DDA. Amortisation of expenditure incurred under voluntary retirement scheme.-

(1) Where an assessee incurs any expenditure in any previous year by way of payment of any sum to an employee at the time of his voluntary retirement, in accordance with any scheme or schemes of voluntary retirement, one-fifth of the amount so paid shall be deducted in computing the profits and gains of the business for that previous year, and the balance shall be deducted in equal instalments for each of the four immediately succeeding previous years :

(2) No deduction shall be allowed in respect of the expenditure mentioned in sub-section (1) under any other provision of this Act.".

Frequently asked questions

What does Finance Act 2001 Section 24 provide?

Section Section 24 of the Finance Act 2001 (Insertion of New Section 35dda) is reproduced on this page as part of the Finance Act 2001. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act 2001 Section 24?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act 2001 Section 24. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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