Research institution approval requires separate research accounts, annual returns, audited accounts, and timely renewal application. Vivekanand Medical Research Society, Latur, is approved as an institution for income-tax recognition for scientific research under clause (ii) of sub section (1) of section 35, subject to conditions: maintain separate accounts for research receipts; furnish annual returns of research activities by 30 April; submit audited annual accounts and balance sheet with copies to the Commissioner by 30 June; and apply to the Central Board of Direct Taxes three months before approval expiry for renewal, with late applications liable to rejection.
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Research institution approval requires separate research accounts, annual returns, audited accounts, and timely renewal application.
Vivekanand Medical Research Society, Latur, is approved as an institution for income-tax recognition for scientific research under clause (ii) of sub section (1) of section 35, subject to conditions: maintain separate accounts for research receipts; furnish annual returns of research activities by 30 April; submit audited annual accounts and balance sheet with copies to the Commissioner by 30 June; and apply to the Central Board of Direct Taxes three months before approval expiry for renewal, with late applications liable to rejection.
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