The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued Notification No. 29/2024 dated 13th March, 2024, pertaining to the Income-tax Act, 1961. This notification grants approval to the Indian Institute of Technology, Kharagpur, for conducting scientific research, in accordance with specified regulations.
Detailed Analysis
1. Legal Basis: The notification is issued under the powers conferred by 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. Approval Granted: The Central Government approves the Indian Institute of Technology, Kharagpur (with PAN: AAAJI0323G), under the category of ‘University, college or other institution,’ for conducting scientific research.
3. Applicability: The notification becomes effective upon its publication in the Official Gazette, i.e., from the Previous Year 2023-24, and is applicable for Assessment Years 2024-25 to 2028-29.
4. Explanatory Memorandum: The notification includes an explanatory memorandum certifying that no individual is adversely affected by granting retrospective effect to this decision.
Conclusion
In conclusion, the Ministry of Finance’s notification is a significant development in the realm of tax regulations concerning scientific research. The approval granted to the Indian Institute of Technology, Kharagpur, underscores the government’s commitment to fostering innovation and academic excellence. This move is expected to have positive implications for both the academic and research communities, facilitating advancements in science and technology.
This detailed analysis covers the key aspects of the Ministry of Finance’s notification No. 29/2024, providing insights into its legal basis, the approval granted, its applicability, and the implications thereof.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 29/2024- Income tax| Dated: 13th March, 2024
S.O. 1324(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 ‘Indian Institute of Technology, Kharagpur’ (PAN: AAAJI0323G) 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 2024-25 to 2028-29.
[F. No. 203/17/2023/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.
