The DSIR recognition, in addition to being a reason to boast about among your network, also provides a great deal of benefits. However, a lot of people looking to get recognized by the DSIR, are not clear about how exactly the DSIR recognition/ approval process works.
So here are the 7 steps, in chronological order, that you need to keep in mind before applying:
Application submission: The very first and foremost thing that you need to do is to register online at DSIR website followed by online application submission and then send the hard copy of the application to DSIR office.
Meeting at DSIR: The DSIR then calls the applicant for a meeting with a walk- in video and a presentation of the R&D center.
DSIR Recognition: The DSIR after carefully evaluating the application, either rejects or gives you the recognition.
After DSIR Recognition, the next step is DSIR Approval.
DSIR Approval application: You have to prepare Form 3CK for approval and send it to DSIR.
DSIR Approval Certificate: The DSIR then gives you approval in the form of Form 3CM.
Claim your Income Tax benefit: After approval, you are eligible to claim 100% capital expense in the 1st year itself. No need to claim depreciation.
Form 3CL filing: After filing your income tax returns, you have to prepare Form 3CL, indicating the expenditures made on R&D, and send it to DSIR, annually.
So, if you are eligible, do not let the process intimidate you. Apply and get recognized by the DSIR!
And….. you know the drill!