Research institution approval under income tax provision requires separate research accounts, annual returns, audited accounts, and advance renewal. Approval is granted to the Indian Drug Research Association, Pune, under the income tax provision in the category Association, subject to conditions: maintain a separate account for funds received for scientific research; furnish annual returns of research activities to the prescribed authority each financial year in prescribed forms; submit audited annual accounts, income and expenditure statements, and a balance sheet to the prescribed authority with copies to the central tax board and the concerned Commissioner of Income tax by the annual deadline; and apply in advance for extension of approval.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval under income tax provision requires separate research accounts, annual returns, audited accounts, and advance renewal.
Approval is granted to the Indian Drug Research Association, Pune, under the income tax provision in the category Association, subject to conditions: maintain a separate account for funds received for scientific research; furnish annual returns of research activities to the prescribed authority each financial year in prescribed forms; submit audited annual accounts, income and expenditure statements, and a balance sheet to the prescribed authority with copies to the central tax board and the concerned Commissioner of Income tax by the annual deadline; and apply in advance for extension of approval.
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