Approval under section 35(1)(ii) secures tax recognition for a research association subject to reporting and accounting conditions. Approval of K. J. Research Foundation as an association under section 35(1)(ii) is effective from 1 April 1988 to 31 March 1989 and is conditional on maintaining a separate account for sums received for scientific research, furnishing annual returns of research activities by 31 May, submitting audited annual accounts and balance-sheet to the prescribed authority by 30 June with copies to the Central Board of Direct Taxes, DGIT (Exemption), Calcutta, and the concerned Commissioner of Income-tax, and applying for extension before the approval's expiry.
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) secures tax recognition for a research association subject to reporting and accounting conditions.
Approval of K. J. Research Foundation as an association under section 35(1)(ii) is effective from 1 April 1988 to 31 March 1989 and is conditional on maintaining a separate account for sums received for scientific research, furnishing annual returns of research activities by 31 May, submitting audited annual accounts and balance-sheet to the prescribed authority by 30 June with copies to the Central Board of Direct Taxes, DGIT (Exemption), Calcutta, and the concerned Commissioner of Income-tax, and applying for extension before the approval's expiry.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
