Research institution approval under income-tax rules requires separate research accounts, annual returns, audited accounts, and advance renewal. Pune Medical Research Society is approved as an association for purposes of the Income-tax Act for scientific research, subject to maintaining separate research accounts, filing annual returns of research activities by 31st May, submitting audited accounts and balance-sheet to the prescribed authority and tax offices by 30th June, and applying for extension of approval before expiry; late applications risk rejection. The approval applies for the specified financial year and is issued by the prescribed authority under a departmental notification.
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.
Research institution approval under income-tax rules requires separate research accounts, annual returns, audited accounts, and advance renewal.
Pune Medical Research Society is approved as an association for purposes of the Income-tax Act for scientific research, subject to maintaining separate research accounts, filing annual returns of research activities by 31st May, submitting audited accounts and balance-sheet to the prescribed authority and tax offices by 30th June, and applying for extension of approval before expiry; late applications risk rejection. The approval applies for the specified financial year and is issued by the prescribed authority under a departmental notification.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
