3cl income tax

haresh (accounts)     06 November 2017

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Dhirajlal Rambhia (KVO Merau Kutchh)     06 November 2017

Dhirajlal Rambhia
KVO Merau Kutchh 
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Reporting of ExpendIture on in-house research to company engaged in manufacturing except those mentioned in 11th Scheduled [Section 35(2AB)]

This deduction is allowed to a company engaged in the business of bio-technology or in any business of manufacture or production of any article or thing, not being an article or thing specified in the list of the Eleventh Schedule of the Income Tax Act [w.e.f. 1-4- 2010.]

As per  NOTIFICATION NO. SO 1580(E)[NO.29/2016(F.NO.142/19/2015-TPL)]DATED 28-4-2016

in sub-rule (7A),—
(A)   for clause (b), the following clauses shall be substituted, namely:—
    "(b) The prescribed authority shall furnish electronically its report,—
(i)   in relation to the approval of in-house research and development facility in Part A of Form No. 3CL;
(ii)   quantifying the expenditure incurred on in-house research and development facility by the company during the previous year and eligible for weighted deduction under sub-section (2AB) of section 35 of the Act in Part B of Form No.3CL;
    (ba) The report in Form No.3CL referred to in clause (b) shall be furnished electronically by the prescribed authority to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax or Principal Director General of Income-tax or Director General of Income-tax having jurisdiction over such company within one hundred and twenty days,—
(i)   of the grant of the approval, in a case referred to in sub-clause (i) of clause (b);
(ii)   of the submission of the audit report, in a case referred to in sub-clause (ii) of clause (b);";

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