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Income-tax (10th Amendment) Rules, 2016

Income Tax - 29/2016 - Dated:- 28-4-2016 - GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 29/2016 New Delhi, the 28th April, 2016 INCOME-TAX S.O. 1580(E).- In exercise of the powers conferred by section 35, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the . (2) .....

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A),- (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 the previous year and eligible for weighted deduction under sub-section (2AB) of section 35 of the Act in Part B of Form No.3CL; (ba) Th .....

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ed to in sub-clause (ii) of clause (b); ; (B) in clause (c), for the words, figures and letters a copy thereof shall be furnished to the Secretary, Department of Scientific and Industrial Research by 31st day of October of each succeeding year , the words, figures, letters and brackets a report of audit in Form No.3CLA shall be furnished electronically to the Secretary, Department of Scientific and Industrial Research on or before the due date specified in Explanation 2 to sub-section (1) of sec .....

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ecified. . 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 a .....

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Research and Development work relating to bio-technology or manufacture or production of eligible article or thing under sub-section (2AB) of section 35 of the Act, ; (B) in item (v), for the words and brackets, Director General of Income-tax (Exemptions) within a period of sixty days , 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 First Party wit .....

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company shall reflect the capital and revenue expenditure on in-house research and 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 .....

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ess of the registered office of the company 2. Permanent Account Number of the company 3. Previous year 4. Assessment year 5. A brief note on progress of each of the projects shown in the application to the prescribed authority at the time of approval. Any changes with regard to the scope of the projects as originally envisaged may be highlighted. 6. Details of any additional projects taken up during the previous year. 7. Details of changes, if any, in the research and development infrastructure .....

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expenditure incurred on the research and development facility centre approved by the prescribed authority under section 35 (2AB) of the Act. 1. Assessment year: 2. Previous year: 3. Location of the research and development facility: 4. Details of expenditure: (in Rs. Lakhs) A. (i) Land (ii) Buildings B. Capital Expenditure: (i) Equipment (ii) Others (a)………………….. (b)………………….. (c)……&hel .....

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of Scientific and Industrial Research and is true and correct to the best of my knowledge and belief. Signature of the Principal Officer of the company (Name, designation and address) Date:……… Place:……… ; (b) for Form No.3CL, the following Form shall be substituted, namely:- FORM NO. 3CL [See rule 6] Report to be submitted by the prescribed authority to the Income-tax Authority specified under section 35(2AB) of the Income-tax Act, 1961 1. Name and addr .....

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sed objectives of scientific research contemplated by the company. 3. Whether the nature of the business is related to the proposed objectives of the scientific research contemplated by the company. 4. Details of the nature of existing in-house Research and Development facilities specifying whether the in-house Research and Development facility is adequate for carrying out scientific research. 5. Registration number, date and validity of recognition granted by Department of Scientific and Indust .....

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ers (iii) Total C. Revenue expenditure: (i) Expenditure directly related to research and development (a)………………….. (b)………………….. (c)………………….. (ii) Total D. Total expenditure on the approved research and development centre (excluding land and building) E. Details of assets disposed of/transferred I certify that the above details are true and correct to t .....

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he Act relating to in-house scientific research and development facility 1. *I/We have audited the accounts of the in-house research and development centre of M/s_______________ located at _______________ which is approved under section 35(2AB) of the Act by the prescribed authority (Secretary, Department of Scientific and Industrial Research), vide Order No……….dated………. 2. *I/We certify that: (a) The company has maintained separate accounts for the rese .....

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