Research institution approval requires separate research accounts and annual audited submissions to claim tax-related exemption. Approval is granted to an institution for research-related tax exemption subject to compliance: maintain separate books for research activities; furnish an annual return of scientific research activities to the designated research department by the annual deadline; and submit audited annual accounts and audited income and expenditure accounts for research activities to specified tax and research authorities by the stated annual due date, in addition to its tax return. The institution must apply in triplicate and in advance for renewal of approval through the relevant tax authority and send copies to the research department.
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.
Research institution approval requires separate research accounts and annual audited submissions to claim tax-related exemption.
Approval is granted to an institution for research-related tax exemption subject to compliance: maintain separate books for research activities; furnish an annual return of scientific research activities to the designated research department by the annual deadline; and submit audited annual accounts and audited income and expenditure accounts for research activities to specified tax and research authorities by the stated annual due date, in addition to its tax return. The institution must apply in triplicate and in advance for renewal of approval through the relevant tax authority and send copies to the research department.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
