Research institution approval under income tax law requires separate research accounts, annual returns and audited submissions. Approval as an Institution under the Income-tax Act is subject to maintaining a separate account for scientific research funds, filing an annual return of research activities with the central scientific department by 31st May, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director-General of Income-tax (Exemptions), the scientific department and the local tax authority by 30th June; approval is time limited and requires timely application for extension with specified copy requirements.
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 approval under income tax law requires separate research accounts, annual returns and audited submissions.
Approval as an Institution under the Income-tax Act is subject to maintaining a separate account for scientific research funds, filing an annual return of research activities with the central scientific department by 31st May, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the Director-General of Income-tax (Exemptions), the scientific department and the local tax authority by 30th June; approval is time limited and requires timely application for extension with specified copy requirements.
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 
