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of <h1>Finance Bill 2012 extends biotech and manufacturing R&D tax deductions under Section 35(2AB) to March 2017.</h1> Clause 8 of the Finance Bill, 2012 proposes an amendment to section 35 of the Income-tax Act concerning deductions for scientific research expenditures. Specifically, it extends the eligibility for deductions under sub-section (2AB) for companies in biotechnology or manufacturing, excluding items in the Eleventh Schedule, from 31st March 2012 to 31st March 2017. This allows a deduction of twice the expenditure on approved in-house research and development facilities. The amendment is effective from 1st April 2013, applicable to assessment years 2013-2014 through 2017-2018.
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