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Question - What are the prescribed conditions relating to maintenance of accounts, audit etc to be fulfilled by the approved in-house RandD facility in Finance Bill 2015 ?
Prescribed conditions relating to maintenance of accounts, audit etc to be fulfilled by the approved in-house R&D facility
28 Feb 2015 
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Weighted deduction for in house R&D clarified: new conditions on approval, accounts maintenance, audit and reporting requirements.
Weighted deduction under section 35(2AB) is available for qualifying in house R&D expenditure if the company obtains prescribed approval and enters into the required agreement, maintains separate books for the approved R&D facility, and has those accounts audited with audit reports furnished to the DSIR; proposed amendments add cooperation agreements with the prescribed authority, prescribe conditions for account maintenance and audit, require prescribed reports, and direct that approval reports be sent to the Principal Chief Commissioner or Chief Commissioner with jurisdiction. (AI Summary)
Weighted deduction under section 35(2AB) is available for qualifying in house R&D expenditure if the company obtains prescribed approval and enters into the required agreement, maintains separate books for the approved R&D facility, and has those accounts audited with audit reports furnished to the DSIR; proposed amendments add cooperation agreements with the prescribed authority, prescribe conditions for account maintenance and audit, require prescribed reports, and direct that approval reports be sent to the Principal Chief Commissioner or Chief Commissioner with jurisdiction. (AI Summary)