Innovation · Policy · Science and Technology

Science, Technology, and Innovation Policy 2020

A landmark policy initiative written by Chayan Sen A landmark policy initiative, ‘Science, Technology, and Innovation Policy 2020’ (STIP 2020) has been initiated.  The recent advancements in the global and national STI landscape, STIP 2020 aims to reorient STI efforts in terms of priorities, sectoral focus, and strategies. It aims to revisit and re-energize the way research is conducted; technologies developed and… Continue reading Science, Technology, and Innovation Policy 2020

Sustainability · Uncategorized

Circular economies and Sustainability

The Circular Economy Trend : Are you in the know? The Decade of Action In 2019, the UN General-Secretary called on all sectors of society to mobilize a ‘decade of action’ to address the world’s biggest challenges extending from climate change, inequality, poverty and closing the finance gap. We are at the beginning of the… Continue reading Circular economies and Sustainability

income tax benefits · R&D Incentives · Uncategorized

Title: The Future of Tax Deduction for Research & Development – written by Sangharsh Kale

The Department of Scientific & Industrial Research (DSIR) up until 31st March 2020,  offered manufacturing companies, tax exemptions  u/s 35 (2AB) of the Income Tax Act, 1961 up to 150% for expenses incurred on R&D in their respective field. This exemption would let companies spend more money in their R&D & helped in innovating new technology, product development & related processes.

On 1st April 2020, the Government of India phased down the tax exemption to 100% of the expense incurred on R&D. This decision has come as a significant blow affecting all major manufacturing companies involved in research & development. We at Scinnovation, are positive, that these exemptions wouldn’t be phased down any further.

Earlier to claim these tax deductions, a manufacturing company had to sign an agreement with DSIR for co-operation, a company had to fulfil certain conditions concerning the maintenance of accounts & audit thereof & furnishing of reports in a manner as may be prescribed by DSIR.

With the lowered tax exemption of 100%, the company is not mandated to enter into an agreement with DSIR to claim the tax exemption.

Although, we would recommend that a company trying to avail the tax exemption should apply for recognition as an in-house R&D centre by DSIR. By doing so, the company will drastically speed up the claim period.

We at Scinnovation Consultants will help your company get DSIR Recognition for your Research & Development efforts. Having worked with multiple seed companies we have developed expertise in the area. SCinnovation Consultants has a 100% track record in terms of getting the DSIR Recognition.

For any inquiry please contact Mr. Rajesh Ravindranathan, Client Acquisition Specialist at letstalk@scinnovation.in.

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SUSTAINABILITY

Research, development and opportunities Sustainability is a guiding influence for all of research areas. It is based on a simple principle: Everything that we need for our survival and well-being depends, either directly or indirectly, on our natural environment. A sustainable program should not just be self-sufficient, but also self-reliant. The emphasis on sustainability of… Continue reading SUSTAINABILITY

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GRANT FOR RENEWABLE ENERGY SECTOR BY MINISTRY OF RENEWABLE ENERGY, GOVT OF INDIA

(Article By Chayan Sen, Funding Associate, SCPL) Renewable Energy Research and Technology Development (RETD) Programme of the Ministry  of New and Renewable Energy (MNRE) for implementation during the period 2017-18 to 2019- 20 at a total cost of Rs. 175.87 crore. The scheme will continue till March 31st, 2021 The  scheme aims at scaling up… Continue reading GRANT FOR RENEWABLE ENERGY SECTOR BY MINISTRY OF RENEWABLE ENERGY, GOVT OF INDIA

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Demystifying Electric Vehicles: Zooming Towards A Sustainable Future

(By Sangharsh Kale, R&D Incentives Associate, SCPL) Electric cars are powered by an electric motor rather than a traditional diesel or petrol motor. The electric motor itself is powered by rechargeable batteries which can be charged just like our mobile phones. Electric vehicle(EVs) are fast, fun & efficient, and maintaining them is far simpler than… Continue reading Demystifying Electric Vehicles: Zooming Towards A Sustainable Future

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Why Branding Matters More Than Ever?

(Article by Rajesh Ravindranathan, Head HR & Finance, SCPL) As the Covid-19 epidemic breaks mayhem in the retail industry, there are some questions to be answered, namely: will businesses risk and increase their spending on branding in the aftermath of such a devastating crisis? Advertising and promotions are what a product describes about itself to consumers. It… Continue reading Why Branding Matters More Than Ever?

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Overview of R&D Funding In Life Science Sector In India

(Article By Chayan Sen, Funding Associate, SCPL) The public investment in Research and Development as a fraction of GDP has remained constant for the  last two years in India. The growth in R&D expenditure should correspond in proportion to the economic  growth and should be targeted to reach at least 2 percent of GDP by… Continue reading Overview of R&D Funding In Life Science Sector In India