'Withdrawl of Tax Exemption to Negatively Impact Innovation'
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HYDEABAD: Withdrawal of tax exemption for research and development is likely to negatively impact India's innovation efforts, pharma major Dr Reddy's Laboratories said today.
While welcoming the move to simplify taxation laws, Reddy's said withdrawal of R&D weighted deduction is potentially counter-productive and likely to negatively impact India's innovation efforts.
The Central Board of Direct Taxes (CBDT) has proposed to reduce the tax exemption offered on investments made for scientific research from the current 200 per cent to 100 per cent.
While welcoming the move to simplify taxation laws, Reddy's said withdrawal of R&D weighted deduction is potentially counter-productive and likely to negatively impact India's innovation efforts.
The Central Board of Direct Taxes (CBDT) has proposed to reduce the tax exemption offered on investments made for scientific research from the current 200 per cent to 100 per cent.
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