Research institution approval grants conditional tax recognition subject to separate research accounts, annual reporting and audited filings. Approval is granted to Karnataka Regional Engineering College, Srinivasnagar under clause (ii) of sub section (1) of section 35 of the Income tax Act, categorising it as a College for scientific research purposes. Conditions require maintenance of separate research accounts, annual returns of research activities, submission of audited annual accounts and balance sheets to the prescribed authority, the Central Board of Direct Taxes and the Commissioner by specified annual deadlines, and advance application for renewal to the Central Board of Direct Taxes before approval expiry.
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Research institution approval grants conditional tax recognition subject to separate research accounts, annual reporting and audited filings.
Approval is granted to Karnataka Regional Engineering College, Srinivasnagar under clause (ii) of sub section (1) of section 35 of the Income tax Act, categorising it as a College for scientific research purposes. Conditions require maintenance of separate research accounts, annual returns of research activities, submission of audited annual accounts and balance sheets to the prescribed authority, the Central Board of Direct Taxes and the Commissioner by specified annual deadlines, and advance application for renewal to the Central Board of Direct Taxes before approval expiry.
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