Tax Deductions Expanded for Social Science and Statistical Research Funding Under Section 35 Income-tax Act
The amendment modifies section 35 of the Income-tax Act, focusing on tax deductions for research funding. It allows tax exemptions for payments made to universities, colleges, or institutions conducting social science or statistical research, subject to approval by the prescribed authority through an official gazette notification. The amendment becomes effective from April 1, 1992, expanding potential tax benefits for research contributions.
Full Summary is availble for active users!
Note: It is a system-generated summary and is for quick
reference only.