Vimla Gupta Memorial Research Institute Gains Approval for Tax Purposes Under Section 35(1)(ii) of Income-tax Act
The Vimla Gupta Memorial Research Institute in New Delhi has been approved by the Department of Science and Technology for purposes under section 35(1)(ii) of the Income-tax Act, 1961. The approval is effective from May 13, 1985, to March 31, 1987. The institute must maintain separate accounts for funds received for scientific research, furnish annual returns of its research activities by April 30 each year, and submit audited annual accounts and balance sheets by June 30 each year. The institute must also apply for an extension of approval three months before its expiration, with late applications subject to rejection.
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