SECTION 35(1)(iii) OF THE INCOME-TAX ACT, 1961 - SCIENTIFIC RESEARCH
EXPENDITURE - APPROVED SOCIAL SCIENCE OR STATISTICAL RESEARCH
ASSOCIATIONS OR INSTITUTIONS
NOTIFICATION NO. 41/2012 [F.NO. 203/38/2011/ITA-II], DATED 28-9-2012
It is hereby notified for general information that the organization National Law School of
India University, Bangalore has been approved by the Central Government for the purpose
of clause (iii) 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 Assessment year
2011-12 onwards in the category of "University, College or Other Institution", engaged in
research in social science research subject to the following conditions, namely:-
(i) the sums paid to the approved organization shall be utilized for research in social
sciences;
(ii) The approved organization shall carry out research in social science 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 social sciences 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 research in social science 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 research
in social science or statistical 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 (iii) of sub-section (1)
of section 35 of the said Act read with rules 5C and 5E of the said Rules.
* * * * * * * *
EXPENDITURE - APPROVED SOCIAL SCIENCE OR STATISTICAL RESEARCH
ASSOCIATIONS OR INSTITUTIONS
NOTIFICATION NO. 41/2012 [F.NO. 203/38/2011/ITA-II], DATED 28-9-2012
It is hereby notified for general information that the organization National Law School of
India University, Bangalore has been approved by the Central Government for the purpose
of clause (iii) 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 Assessment year
2011-12 onwards in the category of "University, College or Other Institution", engaged in
research in social science research subject to the following conditions, namely:-
(i) the sums paid to the approved organization shall be utilized for research in social
sciences;
(ii) The approved organization shall carry out research in social science 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 social sciences 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 research in social science 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 research
in social science or statistical 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 (iii) of sub-section (1)
of section 35 of the said Act read with rules 5C and 5E of the said Rules.
* * * * * * * *
No comments:
Post a Comment