Star Research Centre Approved for Tax Benefits Under Section 35(1)(ii) of Income-tax Act; Compliance Details Outlined.
The Star Research Centre in Bombay has been approved by the Department of Science & Technology, New Delhi, under section 35(1)(ii) of the Income-tax Act, 1961, effective from September 10, 1983, to December 31, 1985. The Centre must maintain separate accounts for funds received for scientific research, submit annual returns of its research activities by April 30 each year, and provide audited annual accounts and balance sheets by June 30 to the prescribed authority and the concerned Commissioner of Income-tax.
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