Menu
Section 35 (2ab) - 200% weighted deduction
Dear expert,
We are engaged in the business of biotechnology and we have in-house scientific research and development facility approved by the prescribed authority.
Can we claim expenditure incurred for research and development of intangible asset arising from internal projects?
Replies (2)
Yes you can avail deduction u/s 35(2AB) since it states that "any" expenditure shall be allowed in the case of companies engaged in business of bio-technology and approved by pescribed authority.
Provided deduction for purchase of land is not allowed and for building its limited to 100% of cost.
But as per guidelines published by DSIR (prescribed authority) on May 2014.
Capital expenditure on R&D, eligible for weighted deduction will include only plant and
equipment or any other tangible item. Capitalized expenditure of intangible nature will not be
eligible for weighted deduction.
In our case we are not purchase any intangible asset but we are generating by internal projects and same we are filling for patents.
Can we claim the same.
Recent Threads
- Initimation on AIS
- GST on sponsorship from foreign body corporate
- Revised Income tax return karna padega kya
- Registration as deductor on traces site
- Rental Income from a Joint Holding property
- Itr 4 return filing question
- Whether GST applicable on Hardship Compensation pa
- ITC cannot be denied to Bona Fide Buyers for Suppl
- Unused ITC for Hotel after GST Change
- CA FINAL SPOM
Related Threads
CAclubindia
