TaxTMI 
TaxTMI 
Income-tax (10th Amendment) Rules, 2016
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.... of July, 2016. 2. In the Income-tax Rules, 1962 (hereafter referred to as the said rules), in rule 6,- (a) in sub-rule (7), for the words and brackets "Director General (Income-tax Exemptions)" wherever they occur, the words "Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax or Principal Director General of Income-tax or Director General of Income-tax having jurisdiction over the sponsor" shall be substituted; (b) in sub-rule (7A),- (A) for clause (b), the following clauses shall be substituted, namely:- "(b) The prescribed authority shall furnish electronically its report,- (i) in relation to the approval of in-house research and development facility in Part A of Form No. 3CL; (ii) quantif....
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.... of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data, and shall also be responsible for the day-to-day administration in relation to furnishing the information in the manner so specified.". 3. In the said rules, in Appendix II,- (a) in Form No.3CK,- (i) in Part A, for item 3, the following shall be substituted, namely:- "3. Address, phone number of the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax or Principal Director General of Income-tax or Director General of Income-tax having jurisdiction over the company. 3A. Please specify the nature and business/activity of the company- (a) business of bio-technology (b)....
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....in the Eleventh Schedule of the Act; (v) ensure that the company shall reflect the capital and revenue expenditure on in-house research and development facility in the schedules/notes to accounts in the audited financial statement of the company prepared for the purposes of its annual report and for the purposes of computation of income-tax; (vi) submit the information as per Annexure-I and Annexure-II every year for the approved period on or before the due date specified in Explanation 2 to sub-section (1) of section 139 of the Act for furnishing the return of income; (vii) ensure that the assets acquired by the approved facility will be utilised only for the approved purpose and shall not be disposed of without the approval of th....
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.... (2AB) of the Act. 1. Assessment year: 2. Previous year: 3. Location of the research and development facility: 4. Details of expenditu....
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.... 2. Permanent Account Number (PAN) of the company 3. Name and designation of the Principal Officer of the company 4. Nature of business/activity of the company (I) Business of biotechnology (II) Manufacture/production of any eligible article or thing under sub-section (2AB) of section 35 of the Act. (Please specify) Part A 1. Annual production of the eligible products of the company during the past three years. 2. Proposed objectives of scientific research contemplated by the company. 3. Whether the nature of the business is related to the proposed objectives of the scientific research contemplated by the company. 4. Details of the nature of existing in-house Research and Development facilities spec....
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.... Place:..........."; (c) after Form No.3CL, the following Form shall be inserted, namely:- "FORM No.3CLA [See rule 6] Report from an accountant to be furnished under sub-section (2AB) of section 35 of the Act relating to in-house scientific research and development facility 1. *I/We have audited the accounts of the in-house research and development centre of M/s_______________ located at _______________ which is approved under section 35(2AB) of the Act by the prescribed authority (Secretary, Department of Scientific and Industrial Research), vide Order No..........dated.......... 2. *I/We certify that: (a) The company has maintained separate accounts for the research and development centre approved by Department of Sc....