Research institution approval under income tax requires separate research accounts and timely annual returns to the prescribed authority. Petroleum Conservation Research Association, New Delhi, is approved as an institution eligible under the income tax research provision as an Association in other natural or applied sciences, subject to maintaining separate accounts for research receipts (excluding agriculture, animal husbandry, fisheries and medicines) and furnishing annual returns of scientific research activities to the prescribed authority in specified forms by 30th April each year; the approval is effective for a three-year period.
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 approval under income tax requires separate research accounts and timely annual returns to the prescribed authority.
Petroleum Conservation Research Association, New Delhi, is approved as an institution eligible under the income tax research provision as an Association in other natural or applied sciences, subject to maintaining separate accounts for research receipts (excluding agriculture, animal husbandry, fisheries and medicines) and furnishing annual returns of scientific research activities to the prescribed authority in specified forms by 30th April each year; the approval is effective for a three-year period.
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