Approved institution status for research grants requires separate accounts, annual audited returns, and timely extension applications. Approval grants the Birla Economic Research Foundation institution status for research-related tax purposes, conditional on maintaining a separate account for research funds, filing annual returns of research activities to the prescribed authority, submitting audited annual accounts and balance-sheets with copies to the Central Board of Direct Taxes, DGIT (Exemption) and the relevant Commissioner, and applying for approval extension before 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.
Approved institution status for research grants requires separate accounts, annual audited returns, and timely extension applications.
Approval grants the Birla Economic Research Foundation institution status for research-related tax purposes, conditional on maintaining a separate account for research funds, filing annual returns of research activities to the prescribed authority, submitting audited annual accounts and balance-sheets with copies to the Central Board of Direct Taxes, DGIT (Exemption) and the relevant Commissioner, and applying for approval extension before 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 
Join Channel
TaxTMI 
