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of <h1>Gujarat Organization Gains Tax Benefits for Scientific Research u/s 35(1)(ii) of the Income Tax Act.</h1> The Central Government has approved an organization in Gujarat for tax benefits under section 35(1)(ii) of the Income Tax Act, 1961, effective from the 2019-2020 assessment year. The organization, classified as a university, college, or institution, must use funds solely for scientific research. It is required to maintain separate accounts for research funds, have them audited, and submit reports to the tax authorities. Donations must be used exclusively for scientific research. The approval may be revoked if the organization fails to comply with these conditions, including maintaining separate accounts, submitting audit reports, and continuing genuine research activities.
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