Exemption u/s 35(1)-Scientific research expenditure-Institute for Financial Management and Research, Chennai - 10/2011 - Income Tax

Research expenditure exemption under section 35 approved, subject to audit, separate accounts, and genuine research compliance.

Research expenditure exemption approval granted to Institute for Financial Management and Research, Chennai as an Institution partly engaged in research from assessment year 2009 10, conditional on use of funds for social science research, conducting research via faculty or students, maintaining separate books and a certified donations statement, and obtaining and filing an annual audit report of research receipts and expenditures; approval is subject to withdrawal for failures in these compliance requirements or lack of genuine research activity.