Research association approval requires separate research accounts, annual returns, audited accounts and timely renewal application. The approved association must maintain a separate account for sums received for scientific research; furnish annual returns of scientific research activities to the prescribed authority by 30 April each year; submit audited annual accounts showing total income, expenditure, assets and liabilities to the prescribed authority and send copies to the concerned tax commissioner by 30 June; and apply for extension of approval to the central tax board at least three months before expiry.
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Provisions expressly mentioned in the judgment/order text.
Research association approval requires separate research accounts, annual returns, audited accounts and timely renewal application.
The approved association must maintain a separate account for sums received for scientific research; furnish annual returns of scientific research activities to the prescribed authority by 30 April each year; submit audited annual accounts showing total income, expenditure, assets and liabilities to the prescribed authority and send copies to the concerned tax commissioner by 30 June; and apply for extension of approval to the central tax board at least three months before expiry.
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