Scientific research to receive govt funding
Updated: Feb 17, 2014 03:01:40pm
New Delhi, Feb 17 (KNN) The government intends to encourage scientific research by setting up a research funding organisation and offering tax benefits for contributions to institutions involved in such research.
“…propose to set up a Research Funding Organisation that will fund research projects selected through a competitive process. Contributions to that organisation will be eligible for tax benefits. This will require legislative changes which can be introduced at the time of the regular Budget,” said Finance Minister P Chidambaram in his Budget Speech 2014-15 at parliament today.
On the need for such a move, the Income-tax Act allows deductions for expenditure on scientific research, but it is limited to direct funding, Chidambaram said.
He also stated that his government has passionately espoused the cause of science, promoted scientific research, and supported scientific applications and inventions. (KNN/ES)
“…propose to set up a Research Funding Organisation that will fund research projects selected through a competitive process. Contributions to that organisation will be eligible for tax benefits. This will require legislative changes which can be introduced at the time of the regular Budget,” said Finance Minister P Chidambaram in his Budget Speech 2014-15 at parliament today.
On the need for such a move, the Income-tax Act allows deductions for expenditure on scientific research, but it is limited to direct funding, Chidambaram said.
He also stated that his government has passionately espoused the cause of science, promoted scientific research, and supported scientific applications and inventions. (KNN/ES)
Loading...
