CBDT Approves 'M/s Prayoga, Bengaluru' as 'Other Institution' for Scientific Research u/s 35 of Income Tax Act [Read Notification]
The Income tax deduction will be applicable for the Assessment Years 2024-2025 to 2028-2029
![CBDT Approves M/s Prayoga, Bengaluru as Other Institution for Scientific Research u/s 35 of Income Tax Act [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/01/CBDT-Prayoga-Bengaluru-Other-Institution-Scientific-Research-Income-Tax-Act-taxscan.jpg "CBDT Approves M/s Prayoga, Bengaluru as Other Institution for Scientific Research u/s 35 of Income Tax Act [Read Notification]")
The Central Board of Direct Taxes (CBDT) has approved 'M/s Prayoga, Bengaluru' as 'Other Institution' for Scientific Research under Section 35 of Income Tax Act, 1961. The notification is published through official gazette vide notification no. No. 18/2024 S.O. 365(E) dated 30th January 2024. Section 35 of Income Tax Act Deductions for expenses related to scientific research can be...
The Central Board of Direct Taxes (CBDT) has approved 'M/s Prayoga, Bengaluru' as 'Other Institution' for Scientific Research under Section 35 of Income Tax Act, 1961. The notification is published through official gazette vide notification no. No. 18/2024 S.O. 365(E) dated 30th January 2024.
Section 35 of Income Tax Act
Deductions for expenses related to scientific research can be claimed in tax computations under Section 35 of the Income Tax Act. This provision encompasses various fields such as engineering, natural sciences, technology, and social sciences.
Eligibility
To qualify for deductions under Section 35 of the Income Tax Act, certain eligibility criteria must be fulfilled. These criteria include:
- The scientific research activities must be conducted within India.
- Approval from the Department of Scientific and Industrial Research (DSIR), serving as the designated authority, is required for the research.
- Incurred expenses should be solely and entirely for the purpose of scientific research.
Notification states that “In exercise of the powers conferred by clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with Rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby approves ‘M/s Prayoga, Bengaluru (PAN: AACTP9202D) as ‘Other Institution’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
This Notification shall apply with effect from the date of publication in the Official Gazette (i.e. from the Previous Year 2023-24) and accordingly shall be applicable for Assessment Years 2024-2025 to 2028-2029.”
To Read the full text of the Notification CLICK HERE
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