Tax exemption approval under section 35(1)(ii) requires separate research accounts, annual returns, audited accounts and timely extension application. The Indian Institute of Chemical Engineers, Calcutta is approved as an Institution under clause (ii) of sub section (1) of section 35 of the Income tax Act subject to conditions: it must maintain a separate account for scientific research; furnish annual returns of research activities to the Secretary, Department of Scientific and Industrial Research by 31 May; submit audited annual accounts to the Director General (Income tax Exemptions), the Secretary, and the relevant Commissioner/Director by 30 June; and apply in triplicate for extension through the Commissioner/Director 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.
Tax exemption approval under section 35(1)(ii) requires separate research accounts, annual returns, audited accounts and timely extension application.
The Indian Institute of Chemical Engineers, Calcutta is approved as an Institution under clause (ii) of sub section (1) of section 35 of the Income tax Act subject to conditions: it must maintain a separate account for scientific research; furnish annual returns of research activities to the Secretary, Department of Scientific and Industrial Research by 31 May; submit audited annual accounts to the Director General (Income tax Exemptions), the Secretary, and the relevant Commissioner/Director by 30 June; and apply in triplicate for extension through the Commissioner/Director three months before expiry while sending six copies to the Secretary.
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