I Need what type of Scientific research Association comes under the purview of Sec.35 of Income Tax Act, i mean what are the objects to be maintained by that Association.
14 February 2011
Under the Section 35 of Income Tax Act, the expenditure on scientific research is allowed as an deduction to the extent of 125% of the total amount spent. The scientific research shall be related to the business of the company. Proviso to the section states that, a. The company shall be registered in India b. has its main object the scientific research and developemnt. c. shall be approved by the prescribed authority, and, d. fulfills the conditions as precscirbed.
there are few more privisos are there which one can go throuh the Income Tax Act, by Taxmann.
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