Sponsored
    Follow Us:
Sponsored

The Central Government has issued notification S.O.2493, officially approving the Lal Chand Agro Research Institute in New Delhi for tax exemption under Section 35(1)(ii) of the Income-tax Act, 1961. This recognition, effective from February 16, 1985, to March 31, 1986, allows the institute to maintain a separate account for funds received for scientific research purposes. The institute is obligated to submit annual returns detailing its research activities by April 30 each year and must provide audited financial statements, including total income, expenditure, and balance sheets, by June 30 annually. Furthermore, to continue its 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 the current approval; late applications will not be considered. This notification underscores the government’s commitment to supporting research initiatives in the agricultural sector.

Notification: S.O.2493
Section(s) Referred: 35 ,35(1) ,35(1)(ii)
Statute: INCOME TAX
Date of Issue: 23/4/1985

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 (ii) of sub-section (1) of section 35 (Thirty-five/one/two) of the Income-tax Act, 1961, read with rule 6 of the Income-tax Rules, 1962, under the category ” Association ” in the area of other natural and applied sciences subject to the following conditions :–

(i) That the Lal Chand Agro Research Institute, New Delhi, 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, Department of Revenue, Ministry of Finance, 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
” Lal Chand Agro Research Institute, Greater Kailash-II, New Delhi. ”
This notification is effective for a period from February 16, 1985, to March 31, 1986

[No. 6205 (F. No. 203/173/84-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