Exemption on research
This query is : Resolved
12 December 2012
Dear Sir,
I wish to clarify a doubt regarding exemption on research.
Mr.Durai is doing the research activity to decrease the emission of vehicle & increase the capacity of engine for a private company. For that activity he is getting Rs.2 lakh as professional fee from the company.
Whether it is eligible to get the exemption as scientific research activity under IT Act?
Regards,
S.jegadeesan
I wish to clarify a doubt regarding exemption on research.
Mr.Durai is doing the research activity to decrease the emission of vehicle & increase the capacity of engine for a private company. For that activity he is getting Rs.2 lakh as professional fee from the company.
Whether it is eligible to get the exemption as scientific research activity under IT Act?
Regards,
S.jegadeesan
12 December 2012
No. His income is taxable. He needs to find out his profit/ excess of income over expenditure. If same is above basic exemption limit (currently 2 lakh), then he needs to pay the tax accordingly.
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