In-house research and development reporting: electronic submissions and expanded income-tax authority oversight required for approvals and audits. The amendment revises authority designations and mandates electronic furnishing of approval, audit and annual reports for in house research and development facilities eligible for weighted deduction. It prescribes timelines for submission of authority reports and audit certificates, assigns the Principal Director General (Systems) to set secure data capture and transmission standards, and substitutes Forms 3CL and 3CLA plus Annexures to require company identification, project progress, patents, and detailed capital and revenue expenditure reporting, along with cooperation, asset use restrictions and disclosure in audited financial statements.
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In-house research and development reporting: electronic submissions and expanded income-tax authority oversight required for approvals and audits.
The amendment revises authority designations and mandates electronic furnishing of approval, audit and annual reports for in house research and development facilities eligible for weighted deduction. It prescribes timelines for submission of authority reports and audit certificates, assigns the Principal Director General (Systems) to set secure data capture and transmission standards, and substitutes Forms 3CL and 3CLA plus Annexures to require company identification, project progress, patents, and detailed capital and revenue expenditure reporting, along with cooperation, asset use restrictions and disclosure in audited financial statements.
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