Vatsu Shilpa Foundation Approved for Tax Benefits Under Section 35(1)(ii) for Scientific Research Activities Until 1988.
The Vatsu Shilpa Foundation for Studies and Research in Environmental Design, Ahmedabad, has been approved by the Department of Scientific and Industrial Research, New Delhi, under section 35(1)(ii) of the Income-tax Act, 1961. The approval is valid from July 1, 1986, to March 31, 1988. The foundation must maintain separate accounts for scientific research funds, submit annual returns of research activities by April 30, and provide audited accounts and balance sheets by June 30 each year. Additionally, it must apply for approval extension from the Central Board of Direct Taxes three months before expiry.
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