In order to promote research and development activities in the commercial R&D companies, the Finance Act, 2000 provided for a ten-year tax holiday from income-tax under section 80-IB(8A) of the Income-tax Act, 1961, to approved companies, whose main objective is undertaking scientific and industrial research, Secretary, DSIR is the Prescribed Authority vide Gazette notification no. S.O. 85(E) dated 31 January, 2001, issued by Department of Revenue, Ministry of Finance for granting approval under section 80-IB(8A) of the IT Act. The notification was valid upto 31st March, 2007 and this scheme was not extended further by the Government.
The approval to commercial R&D companies is given initially for a period of 3 years, which can be extended up to 10 years based on evaluation of its performance. The tax exemption is available to a company, which is accorded approval by the Prescribed Authority at any time after the 31st day of March 2000 but before the 1st day of April 2007.
For additional information, Contact:
| Shri Surinder Pal Singh | Shri Narender Kumar Gupta |
|---|---|
| Joint Secretary and Head Department of Scientific and Industrial Research Room No 517, 5th Floor, New Building Technology Bhavan, New Mehrauli Road, New Delhi - 110 016 Phone: (011) 26590257, 26590652 |
Scientist 'E' and Member Secretary Department of Scientific and Industrial Research Room No. 2, Hall B, S&T Block 2 Technology Bhavan, New Mehrauli Road, New Delhi - 110 016 Telephone: (011) 26590661 |
On this website in all email addresses [at] = @ and [dot] = .
