Scientific research association approval enables tax recognition subject to separate research accounts and annual audited returns to authorities. Institute of Naturopathy Yogic Sciences, Bangalore is approved as a scientific research association for tax purposes under section 35(1)(ii), subject to maintaining a separate account for medical research receipts, furnishing annual returns of scientific research activities to the prescribed Council by 31 May in the prescribed form, and providing a copy of the annual audited statement of accounts to the Council by 31 May and to the concerned Commissioner of Income-tax.
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Provisions expressly mentioned in the judgment/order text.
Scientific research association approval enables tax recognition subject to separate research accounts and annual audited returns to authorities.
Institute of Naturopathy Yogic Sciences, Bangalore is approved as a scientific research association for tax purposes under section 35(1)(ii), subject to maintaining a separate account for medical research receipts, furnishing annual returns of scientific research activities to the prescribed Council by 31 May in the prescribed form, and providing a copy of the annual audited statement of accounts to the Council by 31 May and to the concerned Commissioner of Income-tax.
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