The Government of India is all set to table its Union Budget on 1st Feb, 2020 in the Parliament. It is anticipated that, a bold step will be taken towards reviving the economy through this budget like increase in 80-C, Cap on deductions & rise in tax exemption limit for the citizens. As we are here to discuss our expectations from the government to promote R&D in… Continue reading Budget 2020 Expectations for Research & Development in India

The unexpected announcement of reduced corporate tax rate for prevailing companies to 22% plus surcharge U/S 115 BAA has been a major blow to scientific research in this India by affecting all major manufacturing companies, IITs, Government funded research laboratories, deemed universities and private funded tech institutes. The consequence of the reduced corporate tax rate with regards to the scientific research is as follows:- a. Under Section… Continue reading Implication of new corporate tax cut on scientific research

Overview  Manufacturing has emerged as one of the high growth sectors in India targeting global markets and are becoming formidable global competitors. India has jumped 30 places to reach the 100th spot in the World Bank’s “Doing Business Report 2017” and has been one of the top improvers. The country is expected to rank amongst… Continue reading Special Tax Incentives for Manufacturing in India

As we all are cognizant to the fact that Income Tax benefits u/s 35 (2AB) relating to DSIR ratified companies receiving Form 3CM with tax deduction of 150% is slated to be reduced to 100% by end of FY 2019-20 i.e. 31st March 2020 which has got the entire manufacturing and research based companies shocked at this move.  We speak about Make in India but it… Continue reading There is hope for R&D in India

When you are finalizing your Income Tax returns and have no inkling of how to claim benefits from income tax benefits for your companies R&D expenditure even though you have your DSIR approval or Form 3CM in hand. Stage 1: Formulate a list of all the eligible Capex & Opex for the previous Financial Year 2018-19 in the format given as per Form 3CL. Stage 2: Get all the documents… Continue reading Confused how to benefit from income tax benefits for your R&D expenses? Do it in 3 simple steps!!

Indian software companies, big and small carry out development projects for clients outside India either onsite at client locations or their development centers based in and outside India. The question is why most of these software companies not claiming R&D incentives for their research or development work which are eligible for the R&D tax credit… Continue reading Why are software companies not claiming R&D Incentives outside India?