Laws and sections by number or title, due dates, pages, and updates.
The Central Government approves three units under the aegis of Agricultural Development Trust, Baramati, Pune for section 35(1)(ii) of the Income Tax Act, 1961. The affected units are Shardabai Pawar Mahila Arts, Commerce and Science College, College of Agriculture and Allied Sciences, and Krishi Vigyan Kendra, Baramati. The approval applies from Assessment year 2018-2019 onwards in the category of University, College or other Institution. The approved units must use sums paid to undertake scientific research, maintain separate books of accounts, and get the accounts audited by an accountant. The units must also furnish the audit report and annual statements on research work to the tax authority.
What you must do
Key dates
Who is affected
If you do not comply
Ask about this notification
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 6th March, 2019
S.O. 1142(E).—On consideration of application of M/s Agricultural Development Trust, Baramati, Pune (‘ADT’) (PAN:- AAATB7892F) dated 10.03.2018 for approval under section 35(1)(ii) of Income Tax Act,1961(‘said Act’) wherein approval for the following three units under its aegis namely ‘Shardabai Pawar Mahila Arts, Commerce and Science College, College of Agriculture and Allied Sciences & Krishi Vigyan Kendra, Baramati’ has been sought in the category of ‘University, College or other Institution’, it is hereby notified for general information that ‘the said three units under the aegis of ‘Agricultural Development Trust, Baramati, Pune’ have been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the said Act, read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2018-2019 onwards in the category of ‘University, College or other Institution’, engaged in research activities, subject to the following conditions, namely:-
(i) The sums paid to approved units of ADT shall be used to undertake scientific research;
(ii) pproved units of ADT shall carry out scientific research through its faculty members or enrolled students;
(iii) Approved units of ADT shall maintain separate books of accounts 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) Approved units of ADT shall maintain a separate statement of donations received and amounts applied for scientific research, such donations shall be used exclusively for core scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
(v) Approved units of ADT shall, by the due date of furnishing the return of income under sub-section (1) of section 139, furnish a statement to the Commissioner of Income-tax or Director of Income-tax containing-
[Notification No. 14/2019/F.No.203/09/2018/ITA-II] RAJARAJESWARI R., Under Secy.
