Tax-exemption approval for a research institution requires separate research accounts and recurring audited reporting to tax and research authorities. Approval is granted to Aravind Medical Research Foundation, Madurai, as an institution for purposes of section 35(1)(ii) of the Income-tax Act, conditional on maintaining a separate account for research funds, furnishing annual returns of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May, and submitting audited annual accounts by 30th June to specified tax and research authorities. The organisation must apply in triplicate for extension through the local tax authority three months before expiry and supply six copies to the Secretary, Department of Scientific and Industrial Research.
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Provisions expressly mentioned in the judgment/order text.
Tax-exemption approval for a research institution requires separate research accounts and recurring audited reporting to tax and research authorities.
Approval is granted to Aravind Medical Research Foundation, Madurai, as an institution for purposes of section 35(1)(ii) of the Income-tax Act, conditional on maintaining a separate account for research funds, furnishing annual returns of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May, and submitting audited annual accounts by 30th June to specified tax and research authorities. The organisation must apply in triplicate for extension through the local tax authority three months before expiry and supply six copies to the Secretary, Department of Scientific and Industrial Research.
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