Research association approval under income tax permits tax recognition for scientific research, subject to accounting, reporting and renewal requirements. Approval is granted to Indchem Research and Development Laboratory, Madras, as an Association for purposes of tax recognition for scientific research, subject to maintaining a separate account for research receipts, furnishing annual returns of research activities to the Secretary, Department of Scientific and Industrial Research by 31st May, submitting audited annual accounts to specified authorities by 30th June, and applying in triplicate through the local tax authority for extension with six copies to the Secretary three months before approval expiry.
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 association approval under income tax permits tax recognition for scientific research, subject to accounting, reporting and renewal requirements.
Approval is granted to Indchem Research and Development Laboratory, Madras, as an Association for purposes of tax recognition for scientific research, subject to maintaining a separate account for research receipts, furnishing annual returns of research activities to the Secretary, Department of Scientific and Industrial Research by 31st May, submitting audited annual accounts to specified authorities by 30th June, and applying in triplicate through the local tax authority for extension with six copies to the Secretary three months before approval expiry.
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 
