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APPLICABILITY – Where a Company incurs any expenditure (except expenditure in the nature of acquisition of any land/building) on any skill development projects as notified by the Board in this behalf in accordance with the guidelines as may be prescribed, then, there shall be allowed a deduction.
AMOUNT OF DEDUCTION – The assessee shall be allowed a deduction equal to 150 per cent or one and one – half times of such expenditure.
NATURE OF EXPENDITURE –The deduction shall be allowed for expenditure incurred on Skill Development Projects (not being expenditure in the nature of cost of any land or building).
NON – ALLOWABILITY – If the assessee has already claimed any deduction for any assessment year, in the respect of expenditure as incurred above, then the assessee shall not be allowed any further deduction for the same or any other assessment year.