Research expenditure deduction approval requires separate research accounts, annual scientific returns, and audited account filings with authorities. Approval for research expenditure deduction is granted to Bakul Finechem Research Centre as an association for a specified financial year, conditional on maintaining separate research accounts, furnishing an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by the annual deadline, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director General of Income tax (Exemptions), the Secretary, Department of Scientific and Industrial Research, and the local Commissioner/Director of Income tax (Exemptions) by the prescribed annual filing date.
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Provisions expressly mentioned in the judgment/order text.
Research expenditure deduction approval requires separate research accounts, annual scientific returns, and audited account filings with authorities.
Approval for research expenditure deduction is granted to Bakul Finechem Research Centre as an association for a specified financial year, conditional on maintaining separate research accounts, furnishing an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by the annual deadline, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director General of Income tax (Exemptions), the Secretary, Department of Scientific and Industrial Research, and the local Commissioner/Director of Income tax (Exemptions) by the prescribed annual filing date.
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