TaxTMI 
TaxTMI 
Income-tax (10th Amendment) Rules, 2008 - Insertion of rule 5F and Form No. 3CF-111
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....-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 duplicate in Form No. 3CF-III, to the Commissioner of Income-tax having jurisdiction over the applicant, ....
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.... 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 the period of three months to be reckoned from the end of the month in which the application form was received in his office. (h) The Chief Commissioner of Income-tax may, before granting approva....
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....es 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 the Commissioner of Income-tax having jurisdiction over the case, by the due date of furnishing the return of income under sub-section (1) of section 139. Explanation.- For the purpose of this clause "accountant" shall have the same meaning as assigned to it in Explanation to sub-section (2) of section 288 of the Act. (d) The company sha....
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....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 Rules, 1962, in Appendix II, after Form 3CF-II, the following form shall be inserted, namely:- "FORM NO. 3CF-III [See rule 5F] Application form for approval under clause (iia) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of company 1. (i) Name and address of the registered office of the applicant. (ii) Enclose a copy of the Memorandum and Articles of Association, and if the company was approved earlier, furnish notification number and date of the latest notification. [Please enclose a copy] (iii) If approval was withdraw....
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....mmercialized or implemented and if so, by whom? (vi) New theories/models developed. (vii) New hypothesis which has been widely accepted. (viii) Any copyrights applied for/obtained. (ix) Earnings from patents or registered trade marks, if any. 7. Enclose details of seminars, conferences, workshops, and training courses, etc., conducted by the applicant during the last three years and a brief note regarding the relevance of such exchanges to the research area or activity carried on by the applicant. 8. Programmes contemplated for research in future and financial projections to meet the likely expenditure on such programmes. 9. (i) Sources of income of the applicant (for the last three years) (ii) Indicate assessment particulars: (PAN....