In House R&D Registration

Research and development (R&D) is a process intended to create new or improved technology that can provide a competitive advantage at the business, industry, or national level. The objective of industrial R&D is to obtain new knowledge, applicable to the company’s business needs that eventually will result in new or improved products, processes, systems or services that can increase the company’s sales and profits. Since we offer R&D solutions our service is to help the company for liasoning process to set up in-house R&D centre to promote R&D and other tax benefits.

WHY R&D ?

PRE CONDITION FOR R&D

The company has well defined R&D programs & maintains proper documentation for it
The company shall be engaged in the business of manufacturing or production of any article or thing other than those specified in the list of the Eleventh Schedule
The company maintains separate accounts for the R&D Expenditures.
Report the capital & recurring expenditures after duly audited by Statutory Auditors.
The In-house R&D Centre is located in a separate earmarked area/building.
Exclusive R&D manpower possessing at least a Degree / Diploma in Science or Engineering Discipline.
The R&D centers are exclusively engaged in research and development.

TAX BENEFITS

Straight 150% deduction of expenditure incurred for Research and development activities
Not only revenue expenditure but also capital expenditure is eligible for section 35(2AB) of Income Tax Act
Company can do Research work in-house or it can sponsor any other Institution for their research programs
When assesse pays any sum to other Institution then they can claim 200% deduction under section 35(2AA)
Enhanced depreciation of 40% is allowed on Plant and Machinery which is used in the manufacture of article or thing using specified indigenous technology subject to certain conditions
R&D registration entitles the assessee to avail of customs/central excise duty exemption on the import/purchase of equipment, instruments, and spares thereof consumables etc. during the period of recognition and subject to relevant Government policies in force from time to time
If assesse has claimed deduction under section 35(2AB) or 35(2AA) then he can’t claim any other deduction for these expenses
Machineries which are brought for R&D purpose are not depreciable ( There is 200% deduction for capital expenditure )

AUDIT OF ACCOUNTS

Audit of accounts to ascertain the amount of deduction from a Chartered Accountant is compulsory.
Auditor will check the accounts and give certificate in prescribed form.
This certificate Will be sent to DSIR to get new approval.
On the basis of this certificate tax deduction will be claimed in tax audit.

EXPENDITURE ALLOWED AT 100%:

Foreign patent filling expenditure
Foreign consultancy expenditure
Building maintenance, municipal taxes and rental charges being paid.
Any interest component on loans for R & D
Clinical trial activities carried out outside the approved facilities
Contract research expenses duly certified by chartered accountant
Expenditure on any payments made to members of the board of directors or any other part time employees working for R & D
Capital Expenditure of an Intangible Assets (However company can claim entire 100% of capital expenditure in the year of incurrence)
Expenditure incurred on manpower under the category of retainer ship/ as consultants and/or on contract basis

OUR R&D TEAM

DR. ATANU BEHERA

A PHD by profession having experience of more than 10 years in industry working as R&D head for various companies advises on all technical aspects in Pharmaceutical companies.

RAJESH POWAR

He is having experience of more than 25 years as R&D head, Plant head. He has worked with groups like Sun Pharma, Lupin, Unimark, etc.

ROLE OF TAPANSHI FINANZIELL

Identifying & Guidance to R & D Department in preparation of necessary document
Selection of R & D Projects short-term medium term and long-term (Past Present and Future projects)
Selection of R & D Projects short-term medium term and long-term (Past Present and Future projects)

Selection of leaders to the projects
Interaction with R & D sraff
Power Point Preparation of the R & D
Training to R & D personnel for facing the audit of the Government

Docmentation & Defending

Submission of the documents to the respective government department and liasioning till the receipt of Registration

Complete handholding