Income-tax (1st Amendment) Rules, 2001

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ir publication in the Official Gazette. 1. In the Income-tax Rules, 1962, in Part IV, after rule 18C, the following rule shall be inserted, namely - "18D. Prescribed authority for approval of companies carrying on scientific research and development - (1) For the purposes of sub-section (8A) of section 80-1B, the prescribed authority shall be the Secretary, Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India. (2) The prescribed authority shall initially grant approval to a company carrying on scientific research and development for a period of three assessment years and subject to satisfactory performance of that company on periodic review extend the said approval for a further ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s the annual return alongwith statement of accounts and annual report within eight months after the close of each accounting year to the prescribed authority. (2) Every company which is approved under sub-rule (2) of rule 18D shall           (a)  sell any prototype or output, if any, from its laboratories or pilot plants with the prior permission of the prescribed authority;           (b)  intimate the change, if any, in its memorandum of association and articles of association relating to its main objects and forward the altered copy of its memorandum of association and articles of association to the prescribed authority;  &....