Serum Institute of India Research Foundation Approved for Tax Benefits Under Section 35(1)(ii) for 1988-1989
The Serum Institute of India Research Foundation, Pune, has been approved under section 35(1)(ii) of the Income-tax Act, 1961, by the Department of Scientific and Industrial Research, New Delhi. This approval, effective from April 1, 1988, to March 31, 1989, requires the institute to maintain separate accounts for scientific research funds, submit annual scientific research activity returns by May 31, and provide audited annual accounts by June 30 to the prescribed authority and relevant tax bodies. The institute must apply for approval extension before expiry, as late applications may be rejected.
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