Tax exemption under section 35(1)(iii): institution must maintain separate research accounts and file audited research returns. Tax exemption under section 35(1)(iii) granted to Arpana Trust for the period 1-4-1999 to 31-3-2001 requires the institution to maintain separate books for research, furnish an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May each year, and submit audited annual accounts and audited income-and-expenditure accounts for the research activities to designated tax and science authorities by 31st October each year, in addition to filing the return of income with the Assessing Officer.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption under section 35(1)(iii): institution must maintain separate research accounts and file audited research returns.
Tax exemption under section 35(1)(iii) granted to Arpana Trust for the period 1-4-1999 to 31-3-2001 requires the institution to maintain separate books for research, furnish an annual return of scientific research activities to the Secretary, Department of Scientific and Industrial Research by 31st May each year, and submit audited annual accounts and audited income-and-expenditure accounts for the research activities to designated tax and science authorities by 31st October each year, in addition to filing the return of income with the Assessing Officer.
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