TMI BlogIncome-tax (10th Amendment) Rules, 2008 - Insertion of rule 5F and Form No. 3CF-111X X X X Extracts X X X X X X X X Extracts X X X X ..... 1st day of April, 2009. 2. In the Income-tax Rules, 1962 , after rule 5E , the following rule shall be inserted , namely:- Prescribed authority, guidelines, form, manner and conditions for approval under clause (iia) of sub-section (1) of section 35. 5F. (1) For the purposes of clause ( iia ) of sub-section (1) of section 35, the prescribed authority shall be the Chief Commissioner of Income-tax having jurisdiction over the applicant. (2) Guidelines, form and manner in respect of approval under clause (iia) of sub-section (1) of section 35 shall be as under:- ( a) An application for approval under clause ( iia ) of sub-section (1) of section 35 by a company shall be made in duplicate in Form No. 3CF-III, to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed, the Commissioner of Income-tax shall send his recommendation to the Chief Commissioner of Income-tax for treating the application as invalid. ( f ) The Chief Commissioner of Income-tax may, after examining the recommendations referred to in clause ( e ), pass an order that the application is invalid. ( g ) If the application form is complete in all respects, the Commissioner of Income-tax may, make such inquiry as he may consider necessary regarding the genuineness of the activity of the company and send his recommendation to the Chief Commissioner of Income-tax for grant of approval or rejection of the application before the expiry of the period of three months to be reckoned from the end of the month in which the applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( a ) The sum paid to the company shall be used for scientific research; ( b ) The applicant company shall carry on scientific research through its own employees using its own assets; ( c ) A company approved under clause ( iia ) of sub-section (1) of section 35 shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amount used for carrying on research, get such books of account audited by an accountant, and furnish the report of such audit duly signed and verified by such accountant to the Commissioner 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. Explanation .- For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ivities are not genuine, or ( v ) is not fulfilling the conditions subject to which approval was granted to it, he may after making appropriate enquiries, furnish a report on the circumstances referred to in sub-clauses (i) to (v) to the jurisdictional Chief Commissioner of Income-tax within six months from the date of furnishing the return of income under sub-section (1) of section 139. 3. In the Income-tax Rules, 1962, in Appendix II, after Form 3CF-II, the following form shall be inserted, namely:- FORM NO. 3CF-III [ See rule 5F ] Application form for approval under clause ( iia ) of sub-section (1) of section 35 of the Income-tax Act, 1961 in the case of company 1 . (i) Name and address of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) New products, processes, methods, techniques developed. (ii) Improvements in existing products, processes, methods, techniques. (iii) Import substitution. (iv) Patents filed: obtained, if any, and if so, in whose name? (v) Whether products, processes methods and techniques mentioned at (i) above have been commercialized or implemented and if so, by whom? (vi) New theories/models developed. (vii) New hypothesis which has been widely accepted. (viii) Any copyrights applied for/obtained. (ix) Earnings from patents or registered trade marks, if any. 7. Enclose details of seminars, conferences, workshops, and training courses, etc., conducted by the applicant during the last three years and a brief note regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12. Investments made out of amount mentioned at 11 above: (i) Fixed deposits with banks (ii) Fixed deposits with companies (iii) Securities (iv) Shares, debentures, etc. (v) Cash in hand (vi) Others, if any, not covered under (i) to (v) 13 Enclose copy of audited annual accounts of the company for the last three years. Certified that the above information is true to the best of my knowledge and belief. It is also certified that no deduction under section 35(2AB) is being claimed or will he claimed. Place_________________ Date_____________Signature Designation_________________ Ful ..... X X X X Extracts X X X X X X X X Extracts X X X X
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