Research institute approval under tax law requires compliance with reporting and accounting obligations and annual audit filings. Approval is granted to Fie Research Institute, Ganganagar, as an Association for tax purposes subject to conditions: maintain a separate account for sums received for scientific research; furnish annual returns of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May each year; and submit audited annual accounts showing income, expenditure, assets and liabilities to designated income tax and departmental authorities by 30th June each year. The notification specifies a fixed effective period and prescribes procedures and timelines for applying for extension of the approval.
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Provisions expressly mentioned in the judgment/order text.
Research institute approval under tax law requires compliance with reporting and accounting obligations and annual audit filings.
Approval is granted to Fie Research Institute, Ganganagar, as an Association for tax purposes subject to conditions: maintain a separate account for sums received for scientific research; furnish annual returns of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May each year; and submit audited annual accounts showing income, expenditure, assets and liabilities to designated income tax and departmental authorities by 30th June each year. The notification specifies a fixed effective period and prescribes procedures and timelines for applying for extension of the approval.
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