Research institution approval under income tax rules conditions donor funds' use and audited reporting requirements. Approval of Jaslok Hospital and Research Centre as an approved organisation under section 35(1)(ii), category 'other Institution' partly engaged in research, is subject to conditions: sums received must be used for scientific research by faculty or enrolled students; separate books for research receipts and expenditures must be maintained and audited by a qualified accountant; the audit report and an auditor-certified statement of donations and amounts applied for research must be furnished to the jurisdictional tax officer by the due date for filing the income-tax return.
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Provisions expressly mentioned in the judgment/order text.
Research institution approval under income tax rules conditions donor funds' use and audited reporting requirements.
Approval of Jaslok Hospital and Research Centre as an approved organisation under section 35(1)(ii), category 'other Institution' partly engaged in research, is subject to conditions: sums received must be used for scientific research by faculty or enrolled students; separate books for research receipts and expenditures must be maintained and audited by a qualified accountant; the audit report and an auditor-certified statement of donations and amounts applied for research must be furnished to the jurisdictional tax officer by the due date for filing the income-tax return.
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