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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...
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Income Tax : The Ministry of Finance grants approval to IIIT Hyderabad for scientific research under the Income Tax Act, effective from 2024-25...
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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...
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:
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 35 of the Act issued (Removal of Difficulties) Order, 2008 dated January 24, 2008 extending the last date for taking membership of at least one credit information company by credit institutions to December 31, 2008. A copy of captioned Notification dated January 24, 2008 is enclosed for information and necessary action. Further extension of time is under consideration.
Where fair market value of the capital asset under transfer is less than the valuation as per SVA and such valuation as per SVA becomes final under Stamp Duty Act then the assessee is left with no choice and has to pay tax on the notional sale consideration on the valuation as per SVA.
