9911796707
TMI BlogCONDITIONS SUBJECT TO WHICH APPROVAL/ RENEWAL OF APPROVAL IS GIVEN:X X X X Extracts X X X X X X X X Extracts X X X X ..... one in-house R D centre under section 35(2AB) of the I.T.Act, each of such centres should have a valid recognition by DSIR. iii) Company shall not claim deduction in respect of the expenditure written off under Section 35(2AB) under any other provision of the IT Act. iv) The company should also submit an undertaking as per Part C of Form No. 3CK to maintain separate accounts for each R D centre approved under Section 35(2AB) by the Prescribed Authority, and to get the accounts duly audited every year by an Auditor as defined in sub-section (2) of section 288 of the IT Act 1961. (The statutory auditors of the Company should audit the R D accounts. To facilitate this audit separate books of accounts for R D should be maintained. Also, the st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cientific Industrial Research by 31st day of October of the succeeding year, along with information as per Annexure-IV of the Guidelines. vii) Assets acquired and products, if any emanating out of R D work done in approved facility, shall not be disposed off without approval of the Secretary, DSIR. Sales realisation arising out of the assets sold shall be offset against the R D expenditure of the R D Centre claimed under section 35(2AB) for the year in which such sales realisation accrues under section 35(2AB) of IT Act, 1961. Expenditure claimed for deduction under the subsection shall be reduced to that extent. viii) The R D facility should not relate purely to market research, sales promotion, quality control, testing, commercial product ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2AB) of I.T. Act, 1961, and the R D expenditure claimed for deduction under the sub-section shall be reduced to that extent. xiii) Expenditure of general nature, such as, expenditure on production, maintenance and quality control departments, manufacturing overheads/ depreciation/ interest/ lease rentals on manufacturing/ quality control equipment, manpower expenditure in manufacturing/ service departments, head office expenditure, expenditure on security, guest house and canteen and other overheads of common nature, shall not be admissible under Section 35(2AB) of I.T. Act. The personnel with Degree / Diploma in Science or engineering discipline and above qualification will only be regarded as R D manpower eligible for weighted tax deducti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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