Research Expenditure Approval under section 35(1)(ii) requires separate accounts and annual audited returns for continued tax recognition. Approval is granted to M. L. Shah Research Foundation for Stone Industries under section 35(1)(ii) as an Association eligible for research-related tax recognition, subject to maintaining separate accounts for research receipts, furnishing annual returns of scientific research activities in prescribed forms by the annual deadline, submitting audited annual accounts and balance-sheets to the prescribed authority and designated tax offices by the stated deadline, and applying for extension of approval before its expiry to avoid rejection.
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Research Expenditure Approval under section 35(1)(ii) requires separate accounts and annual audited returns for continued tax recognition.
Approval is granted to M. L. Shah Research Foundation for Stone Industries under section 35(1)(ii) as an Association eligible for research-related tax recognition, subject to maintaining separate accounts for research receipts, furnishing annual returns of scientific research activities in prescribed forms by the annual deadline, submitting audited annual accounts and balance-sheets to the prescribed authority and designated tax offices by the stated deadline, and applying for extension of approval before its expiry to avoid rejection.
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