NOTIFICATION NO. 291/2007,

DATED 19-12-2007

It is hereby notified for general information that the organization Surat Raktadan Kendra & Research Centre, Surat has been approved by the Central Government for the purpose of clause (ii)of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1.4.2005 in the category of ‘other institution’, partly engaged in research activities, subject to the following conditions, namely:-

(i) The sums paid to the approved organization shall be utilized for scientific research;

The approved organization shall carry out scientific research through its faculty members or its enrolled students;

(iii) The approved organization shall maintain books of accounts and get such books audited by an accountant as defined in the explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the case, by the due date of furnishing the return of income under sub-section (1) of section 139 of the said Act;

(iv) The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.

The Central Government shall withdraw the approval if the approved organization:-

More Under Income Tax

Posted Under

Category : Income Tax (25364)
Type : Notifications (15377) Notifications/Circulars (30600)

Leave a Reply

Your email address will not be published. Required fields are marked *