Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
Popular Search: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: TDS :: cpt :: VAT Audit :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India
 
 
Latest Circulars »
 Upper age limit for Whole Time Directors on the Boards of Banks
 RRBs/StCBs/CCBs - Simplification of KYC Norms- Creating Public Awareness
 RRBs/StCBs/CCBs - Treatment of accounts opened for credit of Scholarship - Amount under Government Schemes
 RRBs/StCBs/CCBs - KYC Norms / AML Standards / CFT / Obligation of banks under PMLA, 2002 Client Due Diligence measures
 Amendment in schedule II of Companies Act, 2013
 Guidelines on Wilful Defaulters Clarification regarding Guarantor, Lender and Unit
 StCBs/DCCBs - Need for Bank Branches / ATMs to be made accessible to persons with disabilities
  Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)
 Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs)
 RBI-Basel III Liquidity Returns
 RBI-Exim Bank's Line of Credit of USD 18 million to the Government of the Republic of Mauritius

Income-tax Act, 1961 - NOTIFICATION NO. 57/2009
July, 29th 2009

Section 35(1)(ii) of the Income-tax Act, 1961 Scientific research expenditure Approved scientific research associations/institutions

NOTIFICATION NO. 57/2009, Dated 9-7-2009

It is hereby notified for general information that the organization Eye Research Centre, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act) read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2009 in the category of other Institution, partly engaged in research activities subject to the following conditions, namely:-

(i)The sums paid to the approved organization shall be utilized for scientific research;

(ii)The approved organization shall carry out scientific research through its faculty members or its enrolled students;

(iii)The approved organization shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying out research, get such books audited by an accountant as defined in the explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the case, by the due date of furnishing the return of income under sub-section (1) of section 139 of the said Act;

(iv)To approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.

The Central Government shall withdraw the approval if the approved organization:-

(a)fails to maintain separate books of accounts referred to in sub-paragraph (iii) of paragraph 1; or

(b)fails to furnish its audit report referred to in sub-paragraph (iii) of paragraph 1; or

(c)fails to furnish its statement of the donations received and sums applied for scientific research referred to in sub-paragraph (iv) of paragraph 1; or

(d)ceases to carry on its research activities or its research activities are not found to be genuine; or

(e)ceases to conform to and comply with the provisions of clause (ii) of sub-section (1) of section 35 of the said Act read with rules 5C and 5E of the said Rules.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2014 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions