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Rule 18D of Income Tax Rules 1962: Prescribed Authority-Sec 80-IB(8A)

Rule 18D : Prescribed authority for approval of companies carrying on scientific research and development.
(Chapter: IV - Tax Exemptions and Reliefs)

(1) For the purposes of sub-section (8A) of section 80-IB, the prescribed authority shall be the Secretary, Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India.

(2) The prescribed authority shall initially grant approval to a company carrying on scientific research and development for a period of three assessment years and subject to satisfactory performance of that company on periodic review extend the said approval for a further period of three assessment years so that the total period of approval is for ten consecutive assessment years, beginning from the initial assessment year.

Extra Notes for Readers:

- Rule 18D was introduced by the Income Tax (1st Amendment) Rules, 2001, w.e.f. 31-Jan-2001

Check at Income Tax Dept. official site for latest version of the Rule.

This page was created/last updated on 17th October 2016.