The Central Board of Direct Taxes ( CBDT ), vide notification No. 23/2024 dated 26th February 2024 has notified the approval of Expenditure Deduction to Panjab University, Chandigarh for Scientific Research Activities spanning Assessment Years 2024-25 to 2028-29.
The Central Government, in the exercise of its authority under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 along with Rules 5C and 5E of the Income-tax Rules, 1962, has officially sanctioned ‘Panjab University, Chandigarh ( PAN: AAAJP0325R )’ as falling under the category of ‘University, college or other institution’ for the purpose of ‘Scientific Research’.
Effective from the date of its publication in the Official Gazette ( i.e., from the Previous Year 2023-24 ), this notification extends its applicability for Assessment Years 2024-2025 to 2028-2029.
It is duly certified that no individual or entity shall face adverse effects due to the retrospective application of this notification.
Section 35 of the Income-tax Act addresses deductions concerning expenses associated with scientific research. This provision enables taxpayers who have incurred such expenses to qualify for deductions. These deductions are accessible to both businesses and individuals, provided that the expenditure is solely and exclusively for scientific research relevant to their particular business or profession.
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