Tax exemption approval for university research requires separate accounts, annual scientific returns, and audited research account submission. Approval of the Indian Institute of Science as a University for the research-related tax exemption is subject to maintaining separate books for research, filing an Annual Return of scientific research activities with the Department of Scientific & Industrial Research by the annual deadline, and submitting copies of audited annual accounts and audited income and expenditure accounts for research activities to the designated income-tax and departmental authorities by the prescribed annual deadline, in addition to filing the return of income with the Assessing Officer.
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.
Tax exemption approval for university research requires separate accounts, annual scientific returns, and audited research account submission.
Approval of the Indian Institute of Science as a University for the research-related tax exemption is subject to maintaining separate books for research, filing an Annual Return of scientific research activities with the Department of Scientific & Industrial Research by the annual deadline, and submitting copies of audited annual accounts and audited income and expenditure accounts for research activities to the designated income-tax and departmental authorities by the prescribed annual deadline, in addition to filing the return of income with the Assessing Officer.
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