CBDT Approves SKAN Research Trust for Income Tax Benefits u/s 35 for Scientific Research [Read Notification]
Central Government officially approves SKAN Research Trust, Bengaluru, under the "Research Association" for "Scientific Research" category, granting tax exemption
CBDT – SKAN Research Trust – Income Tax Benefits – Scientific Research – Section 35 for Scientific Research – taxscan
CBDT – SKAN Research Trust – Income Tax Benefits – Scientific Research – Section 35 for Scientific Research – taxscan
The Central Board of Direct Taxes ( CBDT ) through Notification No. 121/2024 dated November 25, 2024, officially announces SKAN Research Trust, Bengaluru, under the category of "Research Association" for "Scientific Research."
The Central Government approves SKAN Research Trust (PAN: ABBTS4312B), Bengaluru, under the category of ‘Research Association’ 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 5D of the Income Tax Rules, 1962.
The notification, published in the Government Gazette, confirms that SKAN Research Trust is now eligible to receive tax-exempt contributions for conducting scientific research. The approval is effective retrospectively from the financial year 2024-25 and applies to assessment years 2025-26 through 2029-30.
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An accompanying explanatory memorandum clarifies that the retrospective application of this notification does not negatively impact any individuals or entities.
About SKAN Research Trust
SKAN Research Trust is a non-profit medical research organization founded on April 5, 2021, in Bengaluru, India. It focuses on studying aging and neurological disorders and works in advanced areas like gut microbiome, stem cells, human genetics, molecular biology, and bioinformatics.
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SKAN collaborates with renowned partners both in India and abroad. Some of its important partners include the University of Cambridge, Quadram Institute Bioscience, Narayana Health, IIT Roorkee, St. John’s National Academy of Health Sciences, Centre for Brain Research, Trans-disciplinary University, NIMHANS, and S-VYASA.
To Read the full text of the Notification CLICK HERE
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