Sponsored
    Follow Us:
Sponsored

NOTIFICATION NO. 179/2007, DATED 24-5-2007

It is hereby notified for general information that the organization Nimbkar Agricultural Research Institute (NARI), Phaltan, Maharashtra, 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, read with Rules 5C and 5D of the Income-tax Rules, 1962 with effect from 1-4-2006 in the category of ‘other Institution’ partly engaged in research activities subject to the following conditions:-

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

(ii) The approved organization shall carry out scientific research through its faculty members or its enrolled students.

(iii) The approved organization shall maintain books of account and get such books audited by an accountant as defined in the Explanation to sub-section (2) of section 288 of the Income-tax Act, 1961 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.

(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.

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

(a) fails to maintain books of account; or

(b) fails to furnish its audit report; or

(c) fails to furnish its statement of the sums received and sums applied for scientific research; 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 provision of section 35(1)(ii) of the Income-tax Act, 1961, read with Rules 5C and 5D of the Income-tax Rules, 1962.

[F. No.203/12/2007/ITA-II]

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published.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

Sponsored
Sponsored
Ads Free tax News and Updates
Sponsored
Search Post by Date
December 2024
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031