Rent services are categories in two part A. Commercial Property B. Residential Property. A. Commercial Property: - The services provided through renting or leasing of the commercial property is covered under the entry no 16 of Notification No 11/2017 –Central Tax (Rate) dated 28 th Jun 2017. The related portion of the notification entry is as follows :- 16 Heading 9972 (i) Services by the Central Government, State Government, Union territory or local authority to governmental authority or government entity, by way of lease of land. Nil (ii) Supply of land or undivided share of land by way of lease or sub lease where such supply is a part of composite supply of construction of flats, etc. specified in the entry in column (3), against serial number 3, at item [(i), (ia), (ib), (ic), (id), (ie) and (if)]66. Provided that...
SPECIAL DEDUCTIONS UNDER SECTIONS 35 TO 35E OF THE INCOME-TAX ACT, 1961 Section Nature of expenditure Quantum of deduction Qualifying Assessee Other provisions 35(1)(i) Scientific Research Any expenditure (not being capital in nature) laid out or expended for scientific research related to assessee's business The amount actually incurred All assessees Where any expenditure is laid out or spent before the commencement of business on payment of salaries to an employee engaged in such scientific research or on purchase of materials used in such research, the aggregate of such expenses so incurred within three preceding previous years shall, to the extent certified by prescribed authority (Refer Rule 6) shall be deemed to have been expended in the year in which actual business is commenced. 35(1)(ii) Scientific Research Payment to a notified/approved research association/university/college or other institution to be used for scientific research 100% of the sum paid (w.e.f...