Central Government has issued notification S.O.2492, confirming the tax-exempt status of the Research and Documentation Centre in Social Welfare and Development, located in Bombay, under Section 35(1)(iii) of the Income-tax Act, 1961. This approval, effective from April 1, 1981, to March 31, 1987, recognizes the institute’s contributions to scientific research in natural and applied sciences. The institution must maintain a separate account for all funds received for research activities and submit annual returns detailing these activities to the designated authority by April 30 each year. Additionally, it is required to provide audited financial statements, including total income, expenditure, and balance sheets, by June 30 each year. To continue enjoying tax-exempt status beyond the approval period, the institute must apply to the Central Board of Direct Taxes at least three months prior to the expiration of this approval, with late applications subject to rejection. This notification serves as an extension of an earlier directive issued on October 9, 1978, and reinforces the government’s support for research institutions engaged in social welfare and development initiatives.
Notification: S.O.2492
Section(s) Referred: 35 ,35(1) ,35(1)(iii)
Statute: INCOME TAX
Date of Issue: 23/4/1985
In continuation of this Office Notification No. 2541 (F. No. 203/110/78-ITA.II) dated the October 9, 1978, it is hereby notified for general information that the institution mentioned below has been approved by the Department of Science and Technology, New Delhi, the prescribed authority for the purposes of clause (iii) of sub-section (1) of section 35 (Thirty-five/one/three) of the Income-tax Act, 1961, read with rule 6 of the Income-tax Rules, 1962, under the category ” Institution ” in the area of other natural and applied sciences, subject to the following conditions :–
(i) That the Research and Documentation Centre in Social Welfare and Development, Bombay, will maintain a separate account of the sums received by it for scientific research.
(ii) That the said Institute will furnish annual returns of its scientific research activities to the prescribed authority for every financial year in such forms as may be laid down and intimated to them for this purpose by 30th April, each year.
(iii) That the said Institute will submit to the prescribed authority by 30th June, each year, a copy of their audited annual accounts showing their total income and expenditure and balance-sheet showing its assets and liabilities with a copy of each of these documents to the concerned Commissioner of Income-tax
(iv) That the said Institute will apply to the Central Board of Direct Taxes, Ministry of Finance, Department of Revenue, New Delhi, three months in advance before the expiry of the approval for further extension. Applications received after the date of expiry of approval are liable to be rejected.
Institution
” Research and Documentation Centre in Social Welfare and Development, Dadabhai Naroji Road, Bombay. “
This notification is effective for a period from April 1, 1981, to March 31, 1987.
[No. 6204 (F. No. 203/164/84-ITA.II)
