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of <h1>Company Gains Tax Benefits for Scientific Research Under Section 35(1)(iia), Effective April 2008, with Strict Reporting</h1> The Chief Commissioner of Income-tax, Bangalore-I, has approved a company for tax benefits under section 35(1)(iia) of the Income-tax Act, 1961, effective from April 1, 2008. The approval requires the company to use funds for scientific research, conduct research with its own resources, maintain separate audited accounts for research funds, and submit annual reports to the Commissioner. These reports should include details of research activities, published articles, patents, and future research plans with financial allocations. The company must also keep a certified statement of donations and research expenditures.
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