Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued a notification approving Bhaikaka University, Anand, Gujarat, for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961. This recognition classifies the university under the ‘University, college, or other institution’ category, allowing it to receive benefits as per the provisions of the Act. The approval is granted in accordance with Rules 5C and 5E of the Income Tax Rules, 1962, which govern the eligibility and conditions for such recognition. The approval enables the university to avail tax deductions for research-related expenses, promoting scientific advancement within the institution.
The notification takes effect from its publication in the Official Gazette, making it applicable for the Previous Year 2024-25 and the corresponding Assessment Years 2025-26 to 2029-30. The accompanying explanatory memorandum states that the retrospective effect of the approval does not adversely affect any person. This move aligns with the government’s objective of supporting higher education institutions engaged in scientific research.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 15/2025-Income Tax |Dated: 10th February, 2025
S.O. 673(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 ‘Bhaikaka University’ Anand, Gujarat (PAN: AAGAB9280N) for ‘Scientific Research’ under the category of ‘University, college or other institution’ 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 2024-25) and accordingly shall be applicable for Assessment Years 2025-26 to 2029-30.
[Notification No. 15/2025/ F. No. 203/27/2024/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.
