i) The notified Institution shall maintain separate books of accounts for its research activities;
ii) The notified Institution shall furnish the Annual Return of its scientific research activities to the Secretary, Department of Scientific 85 Industrial Research, Technology Bhawan’, New Mehrauli Road, New Delhi – 110016 for every financial year on or before 31st May of each year;
iii) The notified Institution shall submit, on behalf of the Central Government, to (a) the Director General of Income tax (Exemptions), 10 Middleton Row, 5th Floor, Calcutta-700071 (b) the Secretary, Department of Scientific & Industrial Research, and (c) the Commissioner of Income tax/ Director of Income tax (Exemptions) having jurisdiction over the organisation, on or before the 31s( October each year, a copy of its audited Annual Accounts and also a copy of audited Income & Expenditure Account in respect of its research activities for which exemption was granted under sub-section (1) of section 35 of Income tax Act, 1961 in addition to the return of income tax to the designated assessing officer.
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018