Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Goods and Services Tax : Explore the contested issue of time-barred GST appeals. While some courts deny interference, a recent Calcutta High Court ruling c...
Income Tax : Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as p...
Income Tax : Provisions of section 35 of the Income Tax Act, 1961 covers deduction allowable towards expenditure on scientific research. The pr...
Income Tax : The Finance Act 2020 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Se...
Corporate Law : Explore the proposed amendments to Regulations 35, 37, and 50 of the Competition Commission of India (General) Regulations 2009. L...
Income Tax : Deferrement of Procedure for Approval/ Registration/Notifications of certain entities U/s 10(23C), 12AA, 35 & 80G of Incom...
Income Tax : A plain reading of Section 35(2AB) of the Act may suggest that the weighted deduction is not with respect to expenditure on scient...
Income Tax : Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provis...
Income Tax : The ITAT Bangalore held that a deduction under Section 80G cannot be denied solely because the payment formed part of CSR expendit...
Income Tax : The Tribunal noted that an adjustment under Section 35(1)(iv), already dropped during CPC processing, was later included in assess...
Corporate Law : The Tribunal allowed recovery of ₹10.74 lakh after the borrower defaulted on a car loan and failed to appear in the proceedings....
Income Tax : The Tribunal ruled that once the Assessing Officer scrutinized the Section 10AA claim and R&D allocation, revision cannot be invok...
Income Tax : The Tribunal held that capital gains must be computed using the final stamp value determined after litigation, not an earlier infl...
Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...
Income Tax : Notification 102/2024 designates Auroville Foundation as an approved institution for social science research under the Income Tax ...
Corporate Law : Discover the implications as the provisions of sections 20, 35, and 40 of the Competition (Amendment) Act, 2023 take effect from M...
Income Tax : CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be def...
Fema / RBI : UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated - December 3, 2009 The Government had in exercise of powers conferred by Section 3...
ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending crores of rupees on research and development. Similarly if businessmen carry out such R&D, etc. activity, then is there any provision of Income Tax which benefits him?
After the Income Tax Return is processed by CPC, taxpayer receives Intimation at their registered email ID. If the taxpayers request to resend the Intimation, they can simply put request on E-filing portal. The steps to raise the request to resend the Intimation u/s 143(1)/154/16(1)/35: Step 1 Logon to ‘e-Filing’ Portal www.incometaxindiaefiling.gov.in Step 2 Go […]
Tabulation of expenditure incurred on scientific research under section 35 of Income Tax Act 1961- Paid to research association having object of under taking scientific research or university, college or other institutes to be used for scientific research , Paid to research association having object of under taking scientific research or university, college or other […]
A plain reading of Section 35(2AB) of the Act may suggest that the weighted deduction is not with respect to expenditure on scientific research on in house R&D facility as approved by the prescribed authority.
Whether expenditure incurred to meet out the need for working funds in which expansion of share capital was undertaken, is capital expenditure even when the purpose for which expenditure was incurred did not result in creation of an asset or benefit due to intervention by an external agency.
Under the existing provisions of Section 35(2AB) of the Income-tax Act, a company is allowed weighted deduction at the rate of 200% of expenditure (not being in the nature of cost of any land or building) incurred on approved in-house research and development facilities. These provisions are not applicable in respect of any expenditure incurred by a company after 31st March, 2012.
Under the Constitution of India, the power to levy stamp duty is divided between the Union and the State. The Parliament (Central Government) has the power to levy stamp duty on the instruments specified in Article 246 read with Schedule VII, List I, Entry 91 and the State Government has the power to levy stamp duty on instruments falling under Article 246 read with Schedule VII, List II, Entry 63.
Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provisions of section 35(1)(ii) provide for a weighted deduction from business income to the extent of 125 per cent of any sum paid to an approved and notified scientific research association or to a university, college or other institution to be utilized for scientific research.
It must be understood that right to appeal is not an absolute right nor essential ingredient of process of natural justice. Supreme Court held in Vijay Prakash v. CC [1989(39) ELT 178(SC)], “Right to appeal is neither an absolute right nor an ingredient of natural justice the principles of which must be followed in all judicial and quasi-judicial adjudications. The right to appeal is a statutory right and it can be circumscribed by the conditions of the grant.”
The Finance Bill, 2009 has introduced changes in the provisions relating to deduction for scientific expenditure incurred by an assessee in connection with his business. Clause 12 of the Finance Bill, 2009 proposes to substitute the following words in sub-section 2AB of section 35 of the Income-tax Act:
