Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, through Notification No. 18/2024 dated 30th January 2024, exercises its powers under the Income-tax Act, 1961. This notification approves M/s Prayoga, Bengaluru, as an ‘Other Institution’ under the category of ‘University, College or Other Institution’ for the purpose of ‘Scientific Research’ as per the provisions of the Income-tax Act and Rules.
Detailed Analysis:
1. Legal Authority: The approval is granted under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, in conjunction with Rules 5C and 5E of the Income-tax Rules, 1962.
2. Identification of Institution: M/s Prayoga, Bengaluru, with PAN AACTP9202D, is officially recognized as an ‘Other Institution’ for its contributions to ‘Scientific Research.’
3. Retrospective Effect: The notification is effective from the date of publication in the Official Gazette (i.e., from the Previous Year 2023-24), impacting Assessment Years 2024-2025 to 2028-2029.
4. Explanatory Memorandum: The Explanatory Memorandum ensures that no adverse effects are imposed on any individual by granting retrospective effect to this notification. It is certified that the decision has been made in consideration of all stakeholders.
Conclusion: In conclusion, the Central Board of Direct Taxes, under the Ministry of Finance, has taken a significant step by designating M/s Prayoga, Bengaluru, as an ‘Other Institution’ for ‘Scientific Research’ funding. This move showcases the government’s commitment to supporting and encouraging scientific endeavors. The retrospective effect of the notification further emphasizes the importance of M/s Prayoga’s contributions, extending its benefits for several assessment years to come.
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Ministry of Finance
(Department of Revenue)
(Central Board of Direct Taxes)
Notification No. 18/2024-Income Tax | Dated: 30th January, 2024
S.O. 365(E).—In exercise of the powers conferred by clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with Rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby approves ‘M/s Prayoga, Bengaluru (PAN: AACTP9202D) as ‘Other Institution’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
2. This Notification shall apply with effect from the date of publication in the Official Gazette (i.e. from the Previous Year 2023-24) and accordingly shall be applicable for Assessment Years 2024-2025 to 2028-2029.
[F. No. 203/11/2023/ITA-II]
CASTRO JAYAPRAKASH T. Under Secy.
Explanatory Memorandum: It is certified that no person is being adversely affected by granting retrospective effect to this notification.
