Budget 2013: Allow weighted deduction for pharmaceutical expenditure outside the approved R&D facility, says FICCI

Stating that the pharmaceutical research and development is very expensive and time consuming as compared to other industrial research, Federation of Indian Chambers of Commerce and Industry (FICCI) wants a weighted deduction under section 35(2AB) for expenditure outside the approved R&D facility in the upcoming budget 2013.
"The current provisions for deduction u/s 35(2AB) are restrictive in nature, so as to cover only expenditure incidental to research carried on at the in-house R&D facility", said FICCI.