India - Income Tax Act 2010 - Saarc

S. 35 I.T. ACT, 1961 1.208research, be deemed to have been laid out or expended in the previousyear in which the business is commenced ;]58(ii) 59 [an amount equal to 59a [one and one-fourth] times of any sum paid]to a 59b [scientific research association] which has as its object theundertaking of scientific research or to a university, college or otherinstitution to be used for scientific research :60[Provided that such association, university, college or other institutionfor the purposes of this clause—(A) is for the time being approved, in accordance with the guidelines,in the manner and subject to such conditions as may be prescribed;and(B) such association, university, college or other institution is specifiedas such, by notification 61 in the Official Gazette, by the CentralGovernment;]62[(iia) an amount equal to one and one-fourth times of any sum paid to acompany to be used by it for scientific research:Provided that such company—(A) is registered in India,(B) has as its main object the scientific research and development,(C) is, for the purposes of this clause, for the time being approved bythe prescribed authority in the prescribed manner, and(D) fulfils such other conditions as may be prescribed 63 ;]64[ 65 (iii) 66 [an amount equal to one and one-fourth times of 66a [any sum paid]to a university], college or other institution to be used for research insocial science or statistical research :58. See rules 5C, 5D and 5E and Form Nos. 3CF-I and 3CF-II.59. Substituted for “any sum paid” by the Finance Act, 1999, w.e.f. 1-4-2000.59a. Words “one and three-fourth” shall be substituted for “one and one-fourth” by the FinanceAct, 2010, w.e.f. 1-4-2011.59b. Words “research association” shall be substituted for “scientific research association” bythe Finance Act, 2010, w.e.f. 1-4-2011.60. Substituted by the Taxation Laws (Amendment) Act, 2006, w.r.e.f. 1-4-2006. Prior to itssubstitution, proviso, as amended by the Finance Act, 1999, w.e.f. 1-4-2000 and Direct TaxLaws (Amendment) Act, 1989, w.e.f. 1-4-1989, read as under :“Provided that such association, university, college or institution is for the time beingapproved for the purposes of this clause by the Central Government by notification in theOfficial Gazette;”61. For complete list of approved scientific research university/institutions, etc., underthis clause, see Taxmann’s Direct Taxes Circulars & Taxmann’s Yearly Tax Digest &Referencer.62. Inserted by the Finance Act, 2008, w.e.f. 1-4-2009.63. See rule 5F and Form No. 3CF-III.64. Substituted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992. Prior to substitution, clause(iii) was amended by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.65. See rules 5C, 5D and 5E and Form Nos. 3CF-I and 3CF-II.66. Substituted for “any sum paid” by the Finance Act, 1999, w.e.f. 1-4-2000.66a. Words “any sum paid to a research association which has as its object the undertaking ofresearch in social science or statistical research or to a university” shall be substituted for“any sum paid to a university” by the Finance Act, 2010, w.e.f. 1-4-2011.