Research exemption approval requires separate research accounts and annual audited filings to tax and science authorities. Approval under sub-section (1) of section 35 of the Income-tax Act, 1961 is granted to M/s Poona Medical Research Foundation for 1 April 2002 to 31 March 2004, subject to maintaining separate books for research activities; furnishing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May; and submitting audited annual accounts and audited income & expenditure account for the research activities to the Director General of Income-tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income-tax (Exemptions) by 31 October each year, besides filing the return of income with the designated Assessing Officer.
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Provisions expressly mentioned in the judgment/order text.
Research exemption approval requires separate research accounts and annual audited filings to tax and science authorities.
Approval under sub-section (1) of section 35 of the Income-tax Act, 1961 is granted to M/s Poona Medical Research Foundation for 1 April 2002 to 31 March 2004, subject to maintaining separate books for research activities; furnishing an annual return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May; and submitting audited annual accounts and audited income & expenditure account for the research activities to the Director General of Income-tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income-tax (Exemptions) by 31 October each year, besides filing the return of income with the designated Assessing Officer.
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