Section(s) Referred: 35, 35(1), 35(1)(iii)
Statute: INCOME TAX
Date of Issue: 3/4/1982
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) That the funds collected by the Ramakrishna Mission Institute of Culture, Calcutta, under this exemption shall be utilised exclusively for promotion of research in Social Sciences.
(ii) That the Institute shall maintain a separate account of the funds so collected by them under this exemption.
(iii) That the Institute shall send to the Council an annual report of its activities and an audited statement of its accounts regularly showing specifically the funds collected under this exemption and the manner in which these funds are utilized.
(iv) Any unutilized funds, out of the donations received under section 35(1)(iii) of the Income-tax Act, 1961, will be invested in the manner prescribed in section 13(1)(d), which includes investment in Government Savings Certificates, deposit in Scheduled Bank, investment in U. T. I., deposits with the Public Sector Companies, deposits in Post Office and Government Companies, etc.
Ramakrishna Mission Institute of Culture, Calcutta.
This notification is valid for a period of three years from the date of issue of this notification.
[No. 4557/F. No. 203/204/81-ITA. II