9911796707
TMI BlogIncome-tax (Fifth) Amendment Rules, 1998X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be inserted namely:- (1B) For the purposes of sub-section (2AB) of section 35 , the prescribed authority shall be the Secretary, Department of Scientific and Industrial Research. ; (b) after sub-rule (3), the following sub-rule shall be inserted, namely:- (4) The application required to be furnished by a company under sub-section (2AB) of section 35 shall be in Form No. 3CK ; (c) after sub-rule (5), the following sub-rule shall be inserted, namely:- (5A) The prescribed authority shall, if he is satisfied that the conditions provided in this rule and in sub-section (2AB) of section 35 of the Act are fulfilled, pass an order in writing in form No. 3 CM: Provided that a reasonable opportunity of being heard shall be g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disposed off without the approval of the Secretary, Department of Scientific and Industrial Research ; (B) in Appendix II, after Form 3CJ the following Forms shall be inserted, namely :- FORM NO. 3CK Application form for entering into an agreement with the Department of Scientific and Industrial Research for cooperation in in-house Research and Development facility and for audit of the accounts maintained for that facility. PART A 1. Name and Address of the registered office of the company including Telex/Fax/Phone numbers 2. Permanent Account Number (PAN) of the company 3. Please specify the nature and Business/activity of the company-Manufacture/production of- Drugs Pharmaceuticals Electronic Equipments ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Central Board of Direct Taxes, under sub-section (2AB) of section 35 . (iii) the First Party shall provide full co-operation to the Second Party in carrying out the Research and Development work relating to manufactur or production of any drugs, Pharmaceuticals, electronic equipments, computers telecommunication equipments, chemicals or any other article or thing notified by the Central Board of Direct Taxes, under sub-section (2AB) of section 35 . (iv) the First Party shall maintain separate accounts for both revenue and capital expenditure on scientific research including that on in-house Research an Development facility, which shall be annually audited by an accountant as defined in section 288 (2) of the Income-tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te accounts for both revenue and capital expenditure on scientific research including that on in-house Research and Development facility, which shall be annually audited by an accountant as defined in sub-section (2) of section 288 of the Income-tax Act, 1961, and a copy of which has to be attached with the return of income under sub-section (1) of section 139 to claim deduction under subsection (2AB) of section 35 ; (ii) submit annual progress reports to the Secretary, Department of Scientific and Industrial Research; (iii) render full co-operation to the in carrying out the Research and Development work relating to manufacture or production of any drugs, Pharmaceuticals, electronic equipments, computers, telecommunication equ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Annual production of the eligible products of the company during the past three years- 5. Proposed objectives of scientific research contemplated by the company. 6. Whether the nature of the business is related to the proposed objectives of the scientific research contemplated by the company. 7. Details of the nature of existing in-house Research and Development facilities specifying whether the in-house Research and Development facility is adequate for carrying out scientific research. 8. Whether recognition granted to the in-house Research and Development centre of the company by Department of Science and Industrial Research. 9. Total cost of in-house research facility, giving break-up; of expenditure on land and buildings. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
