The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued Notification No. 125/2024 on 2nd December 2024, approving the International Institute of Information Technology (IIIT), Hyderabad, for conducting ‘Scientific Research’ under the Income Tax Act, 1961. This approval is granted under the category of ‘University, college or other institution’ as specified in section 35 of the Income-tax Act and corresponding rules 5C and 5E of the Income-tax Rules, 1962. The notification takes effect from the 2024-25 financial year and will be applicable for Assessment Years 2025-26 through 2029-30. No individual or entity is adversely affected by the retrospective application of this notification.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 125/2024 – Income Tax | Dated: 2nd December, 2024
S.O. 5187(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 International Institute of Information Technology, Hyderabad (PAN: AAAAI6797B) 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. 125/2024/F. No. 203/07/2024/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.
