Research institution tax approval requires separate research accounts and annual audited submissions under prescribed compliance deadlines. Approval as an Institution for deduction of scientific research expenditure requires maintaining a separate research account, filing annual scientific research returns to the designated scientific department by the prescribed annual deadline, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director-General of Income-tax (Exemptions), the scientific department secretary and the local tax commissioner/director by the prescribed annual deadline; the approval is time-limited and subject to an advance application procedure for extension.
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 institution tax approval requires separate research accounts and annual audited submissions under prescribed compliance deadlines.
Approval as an Institution for deduction of scientific research expenditure requires maintaining a separate research account, filing annual scientific research returns to the designated scientific department by the prescribed annual deadline, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director-General of Income-tax (Exemptions), the scientific department secretary and the local tax commissioner/director by the prescribed annual deadline; the approval is time-limited and subject to an advance application procedure for extension.
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 
