New Delhi: Today on February 25, 2010, the Union Budget 2010-11, presented in Lok Sabha by Finance Minister Pranab Mukherjee has provided boost to Research and Development (R&D) activities across all the sectors of economy.
Mr Mukherjee has made the announcement that weighted deduction on expenditure incurred on in-house R&D will be enhanced from 150 per cent to 200 per cent. Weighted deduction on payments made to national laboratories, research associations, colleges, universities and other institutions for scientific research would be enhanced from 125 per cent to 175 per cent.
Further, he added that payment made to an approved association engaged in research in Social Sciences or Statistical Research will be allowed as a weighted deduction of 125 per cent. Moreover, the income of such approved research association shall be exempted from tax.
