Section(s) Referred: 35 ,35(1) ,35(1)(ii)
Statute: INCOME TAX
Date of Issue: 18/1/1980
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 (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, subject to the following conditions :
(1) The funds collected by the Institute for Financial Management and Research, Madras, under this exemption will be utilized exclusively for promotion of research in social sciences.
(2) That the institute shall maintain separate accounts of the funds collected by them under the exemption.
(3) That the institute shall send annual statement of accounts and annual report to the Indian Council of Social Science Research as well as to the concerned Commissioner of Income-tax, showing the funds collected by them under the exemption and the manner in which the funds were utilized.
Institute for Financial Management & Research, Madras.
This notification is effective for a period of three years from 1-4-79 to 31-3-1982.
[No. 3139/F. No. 203/29/78-IT(A-II)