Section(s) Referred: 35, 35(1), 35(1)(ii)
Statute: INCOME TAX
Date of Issue: 30/4/1982
In continuation of this notification No. 200 (F. No. 203/18/70-ITA. II), dated 26th December, 1970, read with Notification No. 2699 (F. No. 203/137/78-ITA. II), dated 30th January, 1979, it is hereby notified for general information that the institution mentioned below has been approved by the Department of Science & Technology, New Delhi, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 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 :—
(1) That the Institute of Financial Management & Research, Madras, will maintain a separate account of the sums received by it for scientific research in the field of natural and applied sciences other than Agriculture/Animal husbandary/Fisheries and medicines ;
(2) That the said Institution will furnish annual return 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.
(3) That the said Institution will submit to the prescribed authority by 30th June, each year, a copy of each 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.
Institute of Financial Management and Research, Madras.
This notification is effective for a period of three years from April 1, 1981, to March 31, 1984.
[No. 4593 (F. No. 203/32/82-ITA. II)]