Research institution approval requires separate research accounts, annual returns to science department, audited accounts and extension filing. The Asthma Bronchitis Cancer Lung Foundation is approved as an institution under the Income-tax Act research exemption, subject to conditions: maintain a separate account for scientific research receipts; file annual returns of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31 May; submit audited annual accounts showing income, expenditure, assets and liabilities to the Director-General (Income-tax Exemptions), the Secretary, and the local Commissioner/Director of Income-tax (Exemptions) by 30 June; and apply in triplicate for extension through the Commissioner three months before expiry while sending six copies to the Secretary.
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 requires separate research accounts, annual returns to science department, audited accounts and extension filing.
The Asthma Bronchitis Cancer Lung Foundation is approved as an institution under the Income-tax Act research exemption, subject to conditions: maintain a separate account for scientific research receipts; file annual returns of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31 May; submit audited annual accounts showing income, expenditure, assets and liabilities to the Director-General (Income-tax Exemptions), the Secretary, and the local Commissioner/Director of Income-tax (Exemptions) by 30 June; and apply in triplicate for extension through the Commissioner three months before expiry while sending six copies to the Secretary.
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 
