Research institution tax exemption requires separate research accounts and annual audited filings to authorities by prescribed deadlines. Approval is granted to the Institute of Economic Growth as an institution eligible for tax exemption for scientific research, subject to conditions: maintain separate books for research; file an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May; and submit audited annual accounts and an audited Income & Expenditure Account for research to the Director General of Income-tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income-tax by 31 October, in addition to filing the return of income to the designated 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.
Research institution tax exemption requires separate research accounts and annual audited filings to authorities by prescribed deadlines.
Approval is granted to the Institute of Economic Growth as an institution eligible for tax exemption for scientific research, subject to conditions: maintain separate books for research; file an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May; and submit audited annual accounts and an audited Income & Expenditure Account for research to the Director General of Income-tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income-tax by 31 October, in addition to filing the return of income to the designated Assessing Officer.
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