Research exemption approval requires separate research accounts, annual DSIR returns and audited accounts filed with tax authorities by October. The Institute's approval under clause (ii) of sub section (1) of section 35 (read with Rule 6) classifies it as an 'Association' subject to conditions: maintain separate research accounts; 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 audited income & expenditure accounts for research to the Director General of Income tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income tax (Exemptions) having jurisdiction by 31 October, in addition to 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, annual DSIR returns and audited accounts filed with tax authorities by October.
The Institute's approval under clause (ii) of sub section (1) of section 35 (read with Rule 6) classifies it as an "Association" subject to conditions: maintain separate research accounts; 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 audited income & expenditure accounts for research to the Director General of Income tax (Exemptions), the Secretary, DSIR, and the Commissioner/Director of Income tax (Exemptions) having jurisdiction by 31 October, in addition to filing the return of income with the designated Assessing Officer.
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