Scientific Research Association approval requires audit and reporting compliance to retain income-tax benefit eligibility under Income-tax law. Approval of M/s Institute of Nano Science and Technology, Mohali as a Scientific Research Association is notified from Assessment Year 2018-2019 subject to conditions: undertake and directly carry out scientific research; maintain separate books of accounts and a separate statement of donations and amounts applied for research; obtain an accountant's audit and furnish the audit report and certified statement to the tax authority by the due date of filing the return; and submit an annual statement on research activities, publications, patents and planned projects with financial allocations. Approval may be withdrawn for specified defaults or cessation of genuine research activity.
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Provisions expressly mentioned in the judgment/order text.
Scientific Research Association approval requires audit and reporting compliance to retain income-tax benefit eligibility under Income-tax law.
Approval of M/s Institute of Nano Science and Technology, Mohali as a Scientific Research Association is notified from Assessment Year 2018-2019 subject to conditions: undertake and directly carry out scientific research; maintain separate books of accounts and a separate statement of donations and amounts applied for research; obtain an accountant's audit and furnish the audit report and certified statement to the tax authority by the due date of filing the return; and submit an annual statement on research activities, publications, patents and planned projects with financial allocations. Approval may be withdrawn for specified defaults or cessation of genuine research activity.
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