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Income tax - deduction - who is eligible?

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(Querist)
16 December 2011 Can any one help as to the following?

Weighted deduction u/s 35 (2AA) for contribution to National laboaratory, secentic research orgiansation at 200 %
is available for " Assessees"

Does it include individuals? Income from Business or Profession or Corporates only?

Thanks
Mouli
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
16 December 2011 Deduction u/s 35(2AA) is available to ALL assessees carrying on BUSINESS OR PROFESSION.

The status of the assessee is not important, however, it is important that the assessee must carry on Business or Profession.

This is so because ythe deduction is allowed under the chapter of Profits and Gains of Business or Profession, so it is applicable only to business income.
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