Research approval under income tax requires separate research accounts and mandated annual audited returns for continued recognition. Surrottam Hutheesing Health Foundation, Ahmedabad, is approved under clause (ii) of subsection (1) of section 35 of the Income-tax Act as an 'Association' for scientific research, subject to conditions: maintain a separate account for research receipts; file annual scientific research returns to the prescribed authority in specified forms by the annual deadline; submit audited annual accounts, income and expenditure statements and balance-sheet to the prescribed authority and provide copies to the Commissioner of Income-tax by the annual deadline; and apply to the tax board for extension of approval prior to expiry, with late applications liable to rejection.
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.
Research approval under income tax requires separate research accounts and mandated annual audited returns for continued recognition.
Surrottam Hutheesing Health Foundation, Ahmedabad, is approved under clause (ii) of subsection (1) of section 35 of the Income-tax Act as an "Association" for scientific research, subject to conditions: maintain a separate account for research receipts; file annual scientific research returns to the prescribed authority in specified forms by the annual deadline; submit audited annual accounts, income and expenditure statements and balance-sheet to the prescribed authority and provide copies to the Commissioner of Income-tax by the annual deadline; and apply to the tax board for extension of approval prior to expiry, with late applications liable to rejection.
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