CBDT Notifies Income Tax Exemption to Indian Institute of Science Education and Research, Tirupati [Read Notification]
![CBDT Notifies Income Tax Exemption to Indian Institute of Science Education and Research, Tirupati [Read Notification]](https://www.taxscan.in/wp-content/uploads/2023/01/CBDT-Income-Tax-Income-Tax-Exemption-Indian-Institute-of-Science-Education-and-Research-taxscan.jpg "CBDT Notifies Income Tax Exemption to Indian Institute of Science Education and Research, Tirupati [Read Notification]")
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption under section 35(i)(ii) of the Income Tax Act, 1961. Those scientific research association or organization which has objective of carrying out the scientific research or social science research, can be approved under section 35(1)(ii) and section 35(1)(iii) of the Income Tax Act, 1961 in accordance with...
The Central Board of Direct Taxes (CBDT) has notified the income tax exemption under section 35(i)(ii) of the Income Tax Act, 1961.
Those scientific research association or organization which has objective of carrying out the scientific research or social science research, can be approved under section 35(1)(ii) and section 35(1)(iii) of the Income Tax Act, 1961 in accordance with the guidelines and other conditions as may be notified in the official gazette of the central government.
As per a notification issued by the CBDT on Monday, “—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 ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of subSection (1) of Section 35 of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules, 1962. ”
To claim deduction of 150% under section 35(2AA), the sum should have been paid by the assessee with a specification that the said sum shall be used for scientific research undertaken, under a program approved by the prescribed authority. To claim deduction of 150% under section 35(2AA), the sum should have been paid by the assessee with a specification that the said sum shall be used for scientific research undertaken, under a program approved by the prescribed authority.
“This Notification shall apply with effect from the date of publication in the Official Gazette (i.e., from the Previous Year 2022-23) and accordingly shall be applicable for Assessment Years 2023-2024 to 2027-2028,” the CBDT Notification said.
To Read the full text of the Order CLICK HERE
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