Government of India
Ministry of Finance
(Department of Revenue)
(Central Board of Direct Taxes)
New Delhi, the 18th July, 2016
Notification No. 58/2016
S.O. It is hereby notified for general information that the organisation Mis Indian Institute of Science Education and Research. Mohali (PAN:- AAAAI1781K) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-lax Act. 1961 (said Act), read with Rules 5C and 5E of the income-tax Rules. I%2 (said Rules). from Assessment year 2016-2017 and onwards wider the category of “University, College or other Institution” engaged in research activities subject to the following conditions, namely:-
(i) The sums paid to the approved organization shall be utilized for scientific research;
(iii) The approved organization shall carry out scientific research through its faculty members or its enrolled students:
(iii) The approved organization shall maintain separate books of accounts in respect of the sums received by it for scientific research, reflect therein [he amounts used for carrying out research, 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 ( I) 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 [he report of audit referred to above.
3. The Central Government shall withdraw the approval if the approved organization:-
(a) fails to maintain separate hooks of accounts referred to in sub-paragraph f iii) of paragraph 1; or
(b) fails to furnish its audit report referred to in sub-paragraph (iii) of paragraph 1; or
(c) fails to furnish its statement of [he donations received and sums applied for scientific research referred to in sub-paragraph (iv) of paragraph I; or
(d) ceases to carry on its research activities or its research activities are not found to be genuine: or
(e) ceases to conform to and comply with the provisions of clause (ii) of sub-section (1) of section 35 of the said Act read with rules 5C and 5E of the said Rules.
(Rohit Garg)
Deputy Secretary to Government of India
( F.No.203/33/2015/ ITA-II
