On August 30, 2024, the Ministry of Finance, through the Central Board of Direct Taxes, issued Notification No. 101/2024 under section 35(1)(ii) of the Income-tax Act, 1961. This notification designates the Advanced Manufacturing Technology Development Centre in Chennai (PAN: AAEAA9272B) as an ‘Other Institution’ for ‘Scientific Research’ under the Income-tax Act. The Centre is now eligible for tax benefits associated with scientific research activities, effective from the start of the financial year 2024-25. The approval, which extends to Assessment Years 2025-2026 through 2029-2030, aims to support the Centre’s research initiatives by offering applicable tax reliefs. The notification includes a certification stating that no individual will be adversely affected by the retrospective application of this benefit. This move is intended to encourage research and development by providing fiscal incentives.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 101/2024-Income Tax | Dated: 30th August, 2024
S.O. 3710(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 ‘Advanced Manufacturing Technology Development Centre (PAN: AAEAA9272B), Chennai’ as ‘Other Institution’ 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 2024-25) and accordingly shall be applicable for Assessment Years 2025-2026 to 2029-2030.
[Notification No. 101/2024/F. No. 203/19/2024/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.
