Prescribed authority, procedure, form, manner and conditions for approval by a company for deduction for expenditure on scientific research under section 45(3)(b)
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Scientific research deduction approval requires prescribed application, genuine activities, separate accounts, audit, and continuing annual compliance Approval for a company's scientific research expenditure deduction requires Form No. 17 before the jurisdictional Commissioner of Income-tax, with ... Summary
Scientific research deduction approval requires prescribed application, genuine activities, separate accounts, audit, and continuing annual compliance
Approval for a company's scientific research expenditure deduction requires Form No. 17 before the jurisdictional Commissioner of Income-tax, with verification and a copy sent to the prescribed authority. Defects may be rectified within the allowed period, while complete applications may be examined for genuineness before a written order by the Chief Commissioner. Approval cannot exceed five tax years and renewal must be sought at least three months before expiry. Conditions include use of funds for research through the company's own employees and assets, separate accounts, audit, certified utilisation statements, and annual reporting on research activities, publications, patents, and proposed projects.
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