Income-tax (10th Amendment) Rules, 2016

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....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) quantifying the expenditure incurred on in-house research and development facility by the company during t....

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....ansmission 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) manufacture/production of article or things (Please specify the product)."; (ii) in Part B,- (A) for items (ii) and (iii),....

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....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 the Secretary, Department of Scientific and Industrial Research."; (iv) after Part C, the following shall be inserted, namely:- "Annexure-I (a) In....

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.... B. Capital Expenditure: (i) Equipment (ii) Others (a)………………….. (b)………………….. (c)………………….. (iii) Total C. Revenue expenditure: (a)………………….. (b)………………….. (c)………………….. Total D. Total expenditure on the approved research and development centre (excluding land and building) E. Details of assets disposed off/ transferred. I certify that above expenditure claimed is as per the guidelines issued by Department of Scientific and Indus....

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....ial Research to the in-house Research and Development centre of the company. 6. Whether agreement for co-operation and Research and Development facility and for audit of the accounts maintained for that facility entered into. Part B 1. Assessment year 2. Previous year 3. Location of the research and development facility 4. Annual production of the eligible products during the year 5. Details of expenditure: (in Rs. Lakhs) A. (i) Land (ii) Buildings B. Capital expenditure: (i) Equipment (ii) Others (iii) Total C. Revenue expenditure: (i) Expenditure directly related to research and development (a)………………….. (b)…………………......

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....diture certified is also in consonance with Department of Scientific and Industrial Research guidelines. 3. The expenditure of Rs.………… ( Revenue Rs…..; Capital Rs….; Land and Building Rs…; others Rs…..) reported for the financial year …………….. relevant to the assessment year ………….. is correct to the best of my/our knowledge and belief as per the result of the audit of the approved research and development centre carried out by me/us. Also the research and development capital expenditure is reflected on page ….. and revenue expenditure on page……. in the audited financial statement/annual report. &hellip....