CBDT notifies IIT Bhilai for Research eligible for deduction u/s 35(1) [Read Notification]
![CBDT notifies IIT Bhilai for Research eligible for deduction u/s 35(1) [Read Notification]](https://www.taxscan.in/wp-content/uploads/2021/06/CBDT-IIT-Bhilai-Research-eligible-for-deduction-Taxscan.jpg "CBDT notifies IIT Bhilai for Research eligible for deduction u/s 35(1) [Read Notification]")
The Central Board of Direct Taxes (CBDT) notified the M/s Indian Institute of Technology (IIT), Bhilai for Scientific Research and Research in Social Science and Statistical Research for the purposes of clauses (ii) and (iii) 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. “In exercise of the powers conferred by...
The Central Board of Direct Taxes (CBDT) notified the M/s Indian Institute of Technology (IIT), Bhilai for Scientific Research and Research in Social Science and Statistical Research for the purposes of clauses (ii) and (iii) 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.
“In exercise of the powers conferred by clauses (ii) and (iii) 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, the Central Government hereby approves M/s Indian Institute of Technology, Bhilai (PAN: AABAI0415K) under the category of ‘University, College or other institution’ for Scientific Research and Research in Social Science and Statistical Research for the purposes of clauses (ii) and (iii) 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,” the notification reads.
This Notification shall be deemed to have been applied for the assessment year 2021-2022 and shall apply with respect to the assessment years 2022-2023, 2023-2024, 2024-2025 and 2025-2026.
Section 35 of the Income Tax deals with the expenditure on scientific research.
Section 35(1)(ii) deals with the in respect of expenditure on scientific research, the deductions shall be allowed in case of an amount equal to one and one-half times of any sum paid to a research association which has as its object the undertaking of scientific research or to a university, college or other institution to be used for scientific research.
Section 35(1)(iii) reads the deduction will be allowed on any sum paid to a research association which has as its object the undertaking of research in social science or statistical research or to a university, college or other institution to be used for research in social science or statistical research.
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