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AEPC submits Pre-Budget Proposal for the year 2011-12
16 Feb '11
4 min read
5. Research & Development Expenses
Section 35(2AB) of the Act allows a deduction of 150% of the expenses incurred on in-house Research and Development facility in respect of companies engaged in the business of manufacture or production of any article or thing not being an article or thing specified in the Eleventh Schedule. However, such deduction is allowable only in respect of expenditure incurred on or before 31 March 2012.
As a fashion-oriented garments industry, considerable sums of money are spent on product development, design development, fabric innovation and sampling. With a view to encourage the garments industry, benefit under this section should be extended beyond the current 31 March 2012 deadline.
Further, as major portion of Indian textile & garment sector is dominated by unorganized small scale manufacturers/exporters, we urge that this deduction which is currently available only to the companies, should also be extended to the other forms of businesses such as partnership firm, sole proprietorship etc as well.
Click here to read more details:
Section 35(2AB) of the Act allows a deduction of 150% of the expenses incurred on in-house Research and Development facility in respect of companies engaged in the business of manufacture or production of any article or thing not being an article or thing specified in the Eleventh Schedule. However, such deduction is allowable only in respect of expenditure incurred on or before 31 March 2012.
As a fashion-oriented garments industry, considerable sums of money are spent on product development, design development, fabric innovation and sampling. With a view to encourage the garments industry, benefit under this section should be extended beyond the current 31 March 2012 deadline.
Further, as major portion of Indian textile & garment sector is dominated by unorganized small scale manufacturers/exporters, we urge that this deduction which is currently available only to the companies, should also be extended to the other forms of businesses such as partnership firm, sole proprietorship etc as well.
Click here to read more details:
Apparel Export Promotion Council (AEPC)
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