Research institution approval requires separate research accounts and annual audited returns filed with tax and science departments. Approval under clause (ii) of sub section (1) of section 35 designates The Foundation for Medical Research as an institution and conditions that status on maintaining a separate account for research funds, filing an annual research activities return to the Secretary, Department of Scientific and Industrial Research by 31 May, and submitting audited annual accounts to the Director General of Income tax (Exemptions), the Secretary, and the relevant tax Commissioner/Director by 30 June each year; extension applications must be made through the tax jurisdictional office and sent in multiple copies to the Secretary.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval requires separate research accounts and annual audited returns filed with tax and science departments.
Approval under clause (ii) of sub section (1) of section 35 designates The Foundation for Medical Research as an institution and conditions that status on maintaining a separate account for research funds, filing an annual research activities return to the Secretary, Department of Scientific and Industrial Research by 31 May, and submitting audited annual accounts to the Director General of Income tax (Exemptions), the Secretary, and the relevant tax Commissioner/Director by 30 June each year; extension applications must be made through the tax jurisdictional office and sent in multiple copies to the Secretary.
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