Research and development deduction: full-term tax deduction available subject to registration and approval conditions and compliance. The amendment extends specified cut off dates in multiple clauses of section 80-IB and inserts sub section (8A), providing that a company carrying on ... Summary
Research and development deduction: full-term tax deduction available subject to registration and approval conditions and compliance.
The amendment extends specified cut off dates in multiple clauses of section 80-IB and inserts sub section (8A), providing that a company carrying on scientific research and development which is registered in India, has as its main object scientific and industrial research and development, obtains prescribed authority approval within the specified approval window, and meets other prescribed conditions, shall be eligible for a 100 per cent deduction of profits and gains from that business for ten consecutive assessment years beginning with the initial assessment year.
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