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Introduction: The Ministry of Finance, through the Department of Revenue and the Central Board of Direct Taxes, issued Notification No. 31/2024 dated 13th March, 2024, pertaining to the Income-tax Act, 1961. This notification grants approval to the ‘National Forensic Sciences University, Gandhinagar’ for ‘Scientific Research’ under specific provisions of the Income-tax Act.

Detailed Analysis:

1. Authority and 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, in conjunction with Rules 5C and 5E of the Income-tax Rules, 1962.

2. Approval Granted: ‘National Forensic Sciences University, Gandhinagar’ (PAN: AAALN3742Q) is approved under the category of ‘University, college or other institution’ for the purpose of ‘Scientific Research.’

3. Applicability: Effective from the date of publication in the Official Gazette (i.e., from the Previous Year 2023-24), this notification is applicable for Assessment Years 2024-25 to 2028-29.

4. Explanatory Memorandum: The notification includes an explanatory memorandum certifying that no adverse impact is inflicted upon any individual by granting retrospective effect to this notification.

Conclusion: The issuance of Notification No. 31/2024 underlines the government’s commitment to fostering scientific research endeavors. It provides clarity on the eligibility and applicability of tax benefits to ‘National Forensic Sciences University, Gandhinagar,’ thus promoting innovation and development in the field of forensic sciences.

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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 31/2024 – Income Tax| date: 13th March, 2024

S.O. 1326(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 ‘National Forensic Sciences University, Gandhinagar’ (PAN: AAALN3742Q) 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. 203/22/2023/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.

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