The Central Board of Direct Taxes (CBDT) issued Notification No. 121/2024, dated November 25, 2024, granting approval to SKAN Research Trust, Bengaluru, under Section 35(1)(ii) of the Income-tax Act, 1961. This designation recognizes SKAN Research Trust as a “Research Association” conducting “Scientific Research.” The approval aligns with Rules 5C and 5D of the Income-tax Rules, 1962, enabling the trust to avail of tax benefits for scientific research activities.
This notification is effective from its publication in the Official Gazette and applies retrospectively from the financial year 2024-25, covering assessment years 2025-26 to 2029-30. The explanatory memorandum clarifies that the retrospective effect of this notification does not adversely impact any individual.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 121/2024-Income Tax | Dated: 25th November, 2024
S.O. 5054(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 5D of the Income-tax Rules, 1962, the Central Government hereby approves SKAN Research Trust (PAN: ABBTS4312B), Bengaluru under the category of ‘Research Association’ 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 5D 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. 121/2024/F. No. 203/02/2024/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.
