Section 35(1)(ii)
of the Income-Tax Act, 1961 - Scientific Research Expenditure – Approved
Scientific Research Associations/Institutions - The Indian Institute of Technology,
Gandhi Nagar
Notification No.
65/2013, [F. NO. 203/38/2012-ITA-II], dated 22-08-2013
It is hereby
notified for general information that "The Indian Institute of Technology, Gandhi Nagar, (PAN- AAATI7352M) has been approved by
the Central Government for the purpose of clause (ii) of sub-section (1)
of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E
of the Income-tax Rules, 1962 (said Rules), from 01.04.2012 onwards in the category of 'University, College or Other Institution', subject to the
following condition, namely:-
(i)
The
sums paid to the approved organization shall be utilized for scientific
research;
(ii) The approved
organization shall carry out scientific research through its faculty members or
its enrolled students;
(iii) The approved
organization shall maintain separate
books of account in respect of the sums received by it for scientific research,
reflect therein the amounts used for carrying out research, get such books audited
by an accountant as defined in the explanation to sub-section (2) of section
288 of the said Act and furnish the report of such audit duly signed and
verified by such accountant to the Commissioner of Income tax or the Director
of income tax having jurisdiction over the case, by the due date of furnishing
the return of income under sub-section (1) of section
139 of the said Act;
(iv) The approved
organization shall maintain a separate statement
of donations received and amounts applied for scientific research in
respect of concerned Departments and a copy of such statement duly certified by
the auditor shall accompany the report of audit referred to above.
2. The Central
Government shall withdraw the approval if the approved organization:-
(a) fails to maintain
separate books of account referred
to in sub-paragraph (iii) of paragraph 1; or
(b) fails to
furnish its audit report referred to in sub-paragraph (iii) of paragraph 1: or
(c) fails to
furnish its statement of the donations received and sums applied for scientific
research referred to in sub-paragraph (iv) of paragraph 1; or
(d) ceases to carry
on its research activities or its research activities are not found to be
genuine; or
(e) ceases to conform to and
comply with the provisions of clause (ii) of sub-section (1) of section 35
of the said Act read with rules 5C and 5E of the said Rules.
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