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Section(s) Referred: 35 ,35(1) ,35(1)(iii)
Statute: INCOME TAX
Date of Issue: 12/5/1981
It is hereby notified for general information that the institution mentioned below has been approved by the Indian Council of Social Science Research, the prescribed authority for the purposes of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961, subject to the following conditions :—
(i) The funds collected by the Indian Institute of Economics, Hyderabad, under this exemption shall be utilised exclusively for promotion of research of social science.
(ii) That the Indian Institute of Economics shall maintain separate accounts of the funds collected by them under the exemption, and
(iii) That the Indian Institute of Economics shall send an annual report and statement of accounts regularly to the Indian Council of Social Science Research as well as to the concerned Commissioner of Income-tax showing the funds collected under this exemption and the manner in which these funds are utilised.
The Indian Institute of Economics, Hyderabad.
This notification is effective for a period of three years from 1-12-1980 to 30-11-1983.
[No. 3930/F. No. 203/252/80–ITA.II]