Approval as Scientific Research Association: conditional tax recognition requires separate research accounts, annual returns, and audited filings. Approval is granted to the Indian Pharmacological Society, Patna as an approved institution classified as a scientific research association in medical research, subject to conditions: maintain a separate account for research funds; furnish annual returns of scientific research activities to the Council by 31st May in the prescribed form; and send the annual audited statement of accounts to the Council by 31st May and a copy to the concerned Income-tax Commissioner. The approval is effective for the specified two-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.
Approval as Scientific Research Association: conditional tax recognition requires separate research accounts, annual returns, and audited filings.
Approval is granted to the Indian Pharmacological Society, Patna as an approved institution classified as a scientific research association in medical research, subject to conditions: maintain a separate account for research funds; furnish annual returns of scientific research activities to the Council by 31st May in the prescribed form; and send the annual audited statement of accounts to the Council by 31st May and a copy to the concerned Income-tax Commissioner. The approval is effective for the specified two-year period.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
