R&D tax deduction rules: approval, audit and annual reporting requirements determine eligibility for weighted deduction for in house research. Approval and continued eligibility for weighted tax deduction for in house R&D requires submission of Form 3CK with DSIR recognition, prescribed supporting documents and undertakings; approval is recorded in Form 3CM and the prescribed authority must report approvals and quantified eligible expenditure electronically in Form 3CL. Annual compliance requires separate audited R&D accounts, an auditor's certificate, detailed Annexure II expenditure schedules with capital and revenue breakups, project progress reports, asset use restrictions and reconciliation with audited financial statements; specified costs and activities are excluded from deduction claims.
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Provisions expressly mentioned in the judgment/order text.
R&D tax deduction rules: approval, audit and annual reporting requirements determine eligibility for weighted deduction for in house research.
Approval and continued eligibility for weighted tax deduction for in house R&D requires submission of Form 3CK with DSIR recognition, prescribed supporting documents and undertakings; approval is recorded in Form 3CM and the prescribed authority must report approvals and quantified eligible expenditure electronically in Form 3CL. Annual compliance requires separate audited R&D accounts, an auditor's certificate, detailed Annexure II expenditure schedules with capital and revenue breakups, project progress reports, asset use restrictions and reconciliation with audited financial statements; specified costs and activities are excluded from deduction claims.
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