Institutional approval for scientific research requires separate research accounts and annual audited submissions to tax authorities. Matunga Education Research Society, Bombay, is approved as an institution for purposes of income-tax recognition for scientific research subject to conditions: maintain separate accounts for research receipts; furnish annual returns of research activities in prescribed forms to the prescribed authority by the stated annual cutoff; and submit audited annual accounts, income and expenditure statement, balance sheet and copies to the concerned Commissioner of Income-tax within the stated annual timeframe.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Institutional approval for scientific research requires separate research accounts and annual audited submissions to tax authorities.
Matunga Education Research Society, Bombay, is approved as an institution for purposes of income-tax recognition for scientific research subject to conditions: maintain separate accounts for research receipts; furnish annual returns of research activities in prescribed forms to the prescribed authority by the stated annual cutoff; and submit audited annual accounts, income and expenditure statement, balance sheet and copies to the concerned Commissioner of Income-tax within the stated annual timeframe.
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