Global Business Tax Alert Sharp Insights.
The existing provisions of section 35(1)(ii) of the Income-tax Act provide for a weighted deduction from the business income to the extent of 125 per cent of any sum paid to an approved scientific research association that has the object of undertaking scientific research or to an approved university, college or other institution to be used for scientific research.
Application form from scientific and industrial research organisations for approval under section 35 of the Income-tax Act 1. (i) Name and registered address of the organisation (ii) In case of renewal of approval under section 35, give details of earlier approval 2. (i) Address of the Research Laboratory (indicate the year of establishment).
To claim deduction of 150% under section 35(2AA), the sum should have been paid by the assessee with a specification that the said sum shall be used for scientific research undertaken, under a program approved by the prescribed authority.
Section 34(7) of the Act provides for a single deduction for expenditure, non-capital in nature, on scientific research related to the business and directly undertaken by the taxpayer or on his behalf. This measure was apparently not sufficiently attractive.
Order of approval of Scientific Research Programme under section 35(2AA) of the Income-tax Act, 1961 1. Name, Address and PAN of the sponsor 2. Name and address of the National Laboratory or University or Indian Institute of Technology or specified person 3. Title of the Scientific Research Programme 4. Purpose of the programme 5.
ACT: INCOME TAX ACT, NO. 58 OF 1962 (the Act) SECTION: SECTIONS 11(a) AND 35. SUBJECT: RESEARCH AND DEVELOPMENT EXPENDITURE PAID TO A FELLOW GROUP COMPANY WHICH IS NOT A RESIDENT OF SOUTH AFRICA. 1. Summary. This ruling deals with the question as towhether research and development expenditure paid to a company within a group, which is not.
It is hereby notified for general information that the organization Eye Research Centre, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act) read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2009 in the category of other Institution, partly engaged in.
It is hereby notified for general information that the organization Tea Research Association, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of .section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5D of the Income-tax Rules, 1962 (said Rules) with effect from 1.4.2003 in the category of 'scientific research.
Mumbai, July 26 (PTI): Tax authorities cannot decide if an organisation can be considered a “scientific research organisation” in order to determine tax concessions, Bombay High Court has ruled. Under Section 35 of the income tax act, money given to a research organisation can be deducted from income for calculating tax.
As per Section 35(1), any revenue expenditure laid out or expended on scientific research related to the business is deductible.
Income in the range of Rs 7.5-10 lakh will attract 15% tax in the new regime, down from the existing 20%. There is no change in tax rate for people who earn over Rs 15 lakh annually.
Section - 35, Income-tax Act, 1961 - 2015 84(Expenditure on scientific research85. 86 35. (1) In respect of expenditure on scientific research, the following deduc- tions shall be allowed— (i) any expenditure (not being in the nature of capital expenditure) laid out or expended on scientific research related to the 85business. 87(Explanation.
Section 35(1) in The Income- Tax Act, 1995 (1) In respect of expenditure on scientific research, the following deductions shall be allowed- (i) any expenditure (not being in the nature of capital expenditure) laid out or expended on scientific research related to the business. 2 Explanation.-.
