(1)Any company carrying on scientific research and development shall be eligible for deduction specified in sub-section (8A) of section 80-IB, if such company-(a)is registered in India;(b)has its main object the scientific and industrial research and development;(c)has adequate infrastructure such as laboratory facilities, qualified manpower, scale-up facilities and prototype development facilities for undertaking scientific research and development of its own;(d)has a well formulated research and development programme comprising of time bound research and development projects with proper mechanism for selection and review of the projects or programme;(e)is engaged exclusively in scientific research and development activities leading to technology development, improvement of technology and transfer of technology developed by themselves;(f)submits the annual return alongwith statement of accounts and annual report within eight months after the close of each accounting year to the prescribed authority.
