Research-expenditure tax approval requires utilization for scientific research, faculty-led projects, and audited reporting compliance. Approval under section 35(1)(ii) is subject to conditions: payments must be utilized for scientific research conducted by faculty or enrolled students; separate books and a statement of donations must be maintained; and a qualified accountant must audit and file the audit report and certified statement by the return due date. The Central Government may withdraw approval for failures in accounting, reporting, genuine research activity, or compliance with the governing provisions and rules.
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-expenditure tax approval requires utilization for scientific research, faculty-led projects, and audited reporting compliance.
Approval under section 35(1)(ii) is subject to conditions: payments must be utilized for scientific research conducted by faculty or enrolled students; separate books and a statement of donations must be maintained; and a qualified accountant must audit and file the audit report and certified statement by the return due date. The Central Government may withdraw approval for failures in accounting, reporting, genuine research activity, or compliance with the governing provisions and rules.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
