Tax exemption for research funding requires exclusive use for social science research, separate accounts, and annual audited reports. Approval under the Income-tax Act was granted to The Rural University Foundation, Ahmedabad, subject to conditions: funds collected under the exemption must be utilised exclusively for promotion of research in social sciences; the Foundation must maintain separate accounts for those funds; and it must provide the prescribed council with an annual report and audited statement of accounts showing funds collected and their utilisation. The approval, granted by the prescribed authority, is effective from issuance and valid for three years.
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.
Tax exemption for research funding requires exclusive use for social science research, separate accounts, and annual audited reports.
Approval under the Income-tax Act was granted to The Rural University Foundation, Ahmedabad, subject to conditions: funds collected under the exemption must be utilised exclusively for promotion of research in social sciences; the Foundation must maintain separate accounts for those funds; and it must provide the prescribed council with an annual report and audited statement of accounts showing funds collected and their utilisation. The approval, granted by the prescribed authority, is effective from issuance and valid for three years.
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