Approved various Institution u/s 35(1)(ii) - 40 - Income Tax

Research Institution Approval under section 35(1)(ii) confers exemption subject to separate research accounts and annual reporting obligations.

Approval is granted to specified organisations as Institutions for the purposes of clause (ii) of sub section (1) of section 35 of the Income tax Act, 1961, subject to maintaining separate books for research, furnishing an annual return of scientific research activities by 31 May each year, and submitting audited annual accounts and audited research income & expenditure accounts together with the income tax return to the relevant tax and administrative authorities by 31 October each year.