What are the tax incentives for the purchase of the carbon offset credits?
1 Replies
Shashank Rathi
(3 Points)
Replied 27 June 2022
Also in Section 35CCB of the Income Tax Act, it is given that “where an assessee incurs any expenditure by way of payment of any sum—
(a) to an association or institution, which has as its object the undertaking of any programme of conservation of natural resources or of afforestation, to be used for carrying out any programme of conservation of natural resources or afforestation approved by the prescribed authority.
So if an Indian company makes the payment to an institution based abroad and the programme for the conservation of natural resources is also being done abroad, will it be recognised as an expenditure under Section 35CCB?
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