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of <h1>Revised Guidelines for Approving Agreements u/s 80MM of the Income-tax Act, 1961: Technical Know-how Qualifies.</h1> Circular No. 360, dated May 16, 1983, revises guidelines for approving agreements under section 80MM of the Income-tax Act, 1961. These guidelines specify that agreements involving technical know-how for manufacturing or processing technology, plant/machinery design, or installation/erection technology qualify for approval. Agreements related to management, sales, finance, market studies, or feasibility reports for financial assistance do not qualify. However, feasibility reports assessing techno-economic viability for investment decisions may qualify if the project objectives align with section 80MM criteria. The circular aims to clarify which agreements are eligible for tax benefits under this section.
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