Exemption on research
This query is : Resolved
S.Jegadeesan
(Querist)
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
Amol S Joglekar
(Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
