Section(s) Referred: 35 ,35(1) ,35(1)(iii)
Statute: INCOME TAX
Date of Issue: 28/7/1980
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 :—
1. That the funds collected by the Indian Economic Association under this exemption shall be utilised exclusively for promotion of research in social sciences.
2. That the Indian Economic Association shall maintain separate accounts of the funds so collected by them under this exemption, and
3. That the Indian Economic Association shall send an annual report and audited statement of accounts regularly to the Indian Council of Social Science Research, New Delhi, showing the funds collected under this exemption and the manner in which these funds are utilised.
The Indian Economic Association, Pilani, Rajasthan.
This notification is effective for a period of three years from 1-4-1980 to 31-3-1983.
[No. 3602 (F. No. 203/153/79-ITA-II)