Section 35CCC provides a deduction of 150% to an assessee in respect of any expenditure incurred on agricultural extension project notified by the Board.
Rule 6AAD provides for Guidelines for approval of agricultural extension project under section 35CCC.
Now CBDT has substituted the Rule 6AAD with new Rule 6AAD. The new Rule 6AAD authorizes the Member (IT), CBDT to directly receive and process the application made by the assessee in this regard.
Earlier the process of making application and issuing notification was routed to CBDT through CIT or DIT, as the case may be, having jurisdiction over the case. The processing time has thus been effectively reduced.
Consequential amendments have been made in Rule 6AAE also which provides for the conditions subject to which an agricultural extension project is to be notified under section 35CCC.
Refer Notification 18/2014