Manual - Exempted Income u/s 10 - Assessee Specific

Any income of a research association, approved under section 35(1)(ii)/(iii) is exempt from tax, if following conditions as specified in section 10(21) are satisfied:

1. If the research association  applies its income, or accumulates it wholly and exclusively to the objects for which it is established.

2. Funds should not be invested or deposited for any period during the previous year otherwise than in any one or more of the forms specified in section 11(5). However, this condition is not applicable in respect of the following:-

(i) Any assets held by the research association where such assets form part of the corpus

(ii) any accretion to the shares, forming part of the corpus of the fund

(iii) voluntary contributions received and maintained in the form of jewellery, furniture or any other article