Approval under section 35(1)(ii) conditions institute research tax recognition on accounting, returns, audits and timely renewal. Approval under section 35(1)(ii) recognises the institute for research-related tax purposes subject to maintenance of a separate research account and annual filing of prescribed research returns. The institute must also submit audited annual accounts, income and expenditure statements and balance sheet copies to the prescribed authority and tax administration by the annual deadline, and apply for renewal sufficiently before approval expiry to avoid 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.
Approval under section 35(1)(ii) conditions institute research tax recognition on accounting, returns, audits and timely renewal.
Approval under section 35(1)(ii) recognises the institute for research-related tax purposes subject to maintenance of a separate research account and annual filing of prescribed research returns. The institute must also submit audited annual accounts, income and expenditure statements and balance sheet copies to the prescribed authority and tax administration by the annual deadline, and apply for renewal sufficiently before approval expiry to avoid rejection.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
