TaxTMI 
TaxTMI 
Income-tax (10th Amendment) Rules, 2008 - Insertion of rule 5F and Form No. 3CF-111
X X X X Extracts X X X X
X X X X Extracts X X X X
....hall come into force with effect from the 1st day of April, 2009. 2. In the Income-tax Rules, 1962, after rule 5E, the following rule shall be inserted, namely:- "Prescribed authority, guidelines, form, manner and conditions for approval under clause (iia) of sub-section (1) of section 35. 5F. (1) For the purposes of clause (iia) of sub-section (1) of section 35, the prescribed authority shall be the Chief Commissioner of Income-tax having jurisdiction over the applicant. (2) Guidelines, form and manner in respect of approval under clause (iia) of sub-section (1) of section 35 shall be as under:- (a) An application for approval under clause (iia) of sub-section (1) of section 35 by a company shall be made in....
X X X X Extracts X X X X
X X X X Extracts X X X X
....fails to remove the deficiency within the period of thirty days so allowed, the Commissioner of Income-tax shall send his recommendation to the Chief Commissioner of Income-tax for treating the application as invalid. (f) The Chief Commissioner of Income-tax may, after examining the recommendations referred to in clause (e), pass an order that the application is invalid. (g) If the application form is complete in all respects, the Commissioner of Income-tax may, make such inquiry as he may consider necessary regarding the genuineness of the activity of the company and send his recommendation to the Chief Commissioner of Income-tax for grant of approval or rejection of the application before the expiry of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nbsp; Approval to a company under clause (iia) of sub-section (1) of section 35 shall be subject to the following conditions, namely:- (a) The sum paid to the company shall be used for scientific research; (b) The applicant company shall carry on scientific research through its own employees using its own assets; (c) A company approved under clause (iia) of sub-section (1) of section 35 shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amount used for carrying on research, get such books of account audited by an accountant, and furnish the report of such audit duly signed and verified by such accountant to....
X X X X Extracts X X X X
X X X X Extracts X X X X
....failed to furnish its audit report, or (iii) has not furnished its statement of the sums received and the sums used for research, or a statement referred to in sub-clause (e),or (iv) has ceased to carry on its research activities, or its activities are not genuine, or (v) is not fulfilling the conditions subject to which approval was granted to it, he may after making appropriate enquiries, furnish a report on the circumstances referred to in sub-clauses (i) to (v) to the jurisdictional Chief Commissioner of Income-tax within six months from the date of furnishing the return of income under sub-section (1) of section 139." 3. In the Income-tax Rule....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... by the organization during last three years, if any. (ii) Research projects which have been taken up during the year and research projects which are underway from the past years. (iii) Research papers published in any eminent national or international research journal. 6. Other details of scientific research : (i) New products, processes, methods, techniques developed. (ii) Improvements in existing products, processes, methods, techniques. (iii) Import substitution. (iv) Patents filed: obtained, if any, and if so, in whose name? (v) Whether products, processes methods and techniques mentioned at (i) above have been commercialized or implemented and if so, by whom? (vi) New theories/models developed. (vii....