Income Tax : ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending crores of ...
Income Tax : Under the existing provisions of section 35(2AB) of the Income-tax Act, a company is allowed weighted deduction of 150 per cent of...
Income Tax : Relying on Supreme Court and Bombay High Court rulings, the Tribunal ruled that sanction by an incorrect authority vitiates jurisd...
Income Tax : The tribunal held that every oil well constitutes an independent undertaking eligible for deduction under section 80IB(9). The key...
Income Tax : The Tribunal held that donations to an institution whose approval was withdrawn retrospectively cannot qualify for deduction under...
Income Tax : The Income Tax Appellate Tribunal (ITAT) in Mumbai ruled in favor of NND Ambernath LLP, holding that a donation made to an institu...
Income Tax : ITAT Ahmedabad held that weighted deduction under section 35(1)(ii) of the Income Tax Act rightly disallowed as donation is given ...
Income Tax : Notification No. 8/2011- Income Tax It is hereby notified for general information that the organization Kelkar Education Trust, M...
Income Tax : Notification No. 83/2010-Income Tax It is hereby notified for general information that the organization Raman Centre for Applied a...
Income Tax : Notification No. 76/2010-Income Tax It is hereby notified for general information that the organization Sisodia Educational, Medic...
Income Tax : Notification No. 60/2010-Income Tax The approved organization shall maintain separate books of accounts in respect of the sums rec...
Income Tax : Notification No.46/2010-Income Tax It is hereby notified for general information that the organization Bhartiya Vaidayak Samanvaya...
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?
Notification No. 8/2011- Income Tax It is hereby notified for general information that the organization Kelkar Education Trust, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2010-11 and onwards in the category of ‘Other Institution’, partly engaged in research activities subject to the following conditions namely:—
Notification No. 83/2010-Income Tax It is hereby notified for general information that the organization Raman Centre for Applied and Interdisciplinary Sciences, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) w.e.f. 1-4-2008 (Assessment year 2009-10) onwards
Notification No. 76/2010-Income Tax It is hereby notified for general information that the organization Sisodia Educational, Medical & Charitable Society, Kollakadavu, Kerala has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules. 1962 (said Rules), from Assessment year 2010-2011 onwards in the category of ‘Other Institute’, partly engaged in research activities subject to the following conditions, namely:-
Notification No. 60/2010-Income Tax The approved organization shall maintain separate books of accounts in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying out research, get such books audited by an accountant as defined in the explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the case, by the due date of furnishing the return of income under sub-section (1) of section 139 of the said Act;
Notification No.46/2010-Income Tax It is hereby notified for general information that the organization Bhartiya Vaidayak Samanvaya Samiti, Nagpur has been approved by the Central Government for the purpose of clause (ii) of sub-section (I) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules,
Notification No. 45/2010-Income Tax It is hereby notified for general information that the organization Hirabai Cowasji Jehangir Medical Research Institute, Pune has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules. 1962 (said Rules), from Assessment year 2007-08 onwards in the category of ‘Other Institution’, partly engaged in research activities subject to the following conditions, namely:-
Notification No. 32/2010-Income Tax It is hereby notified for general information that the organization M/s Foundation for Revitalization of Local Health Traditions, Bangalore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2009-2010 onwards in the category of ‘other Institution’, partly engaged in research activities subject to the following conditions, namely:-
Notification No. 26/2010-Income Tax It is hereby notified for general information that the organization M.P Birla Instiute of Fundamental Research, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year 2009-2010 onwards in the category of ‘other Institution’ partly engaged in research activities subject to the following conditions, namely :-
Under the existing provisions of section 35(2AB) of the Income-tax Act, a company is allowed weighted deduction of 150 per cent of the expenditure (not being expenditure in the nature of cost of any land or building) incurred on scientific research on an approved in-house research and development facility.
