(TO BE PUBLlSIIED IN PART II, SUB-SECTION (ii) OF SECIION 3 OFTJIE GAZEn'E OF INDIA)
Government of India
Ministry of Finance
(Deparlmenl of Revenue)
(CcnlrallJoard of Direel Taxes)
Notification
New Delhi, the .:,-4 January, 2020
S.O.
It is hereby notified for general information that the organiJ'..alion MIs Indian Institute of Teehnology (Indian School of Mines), Dhanbad (PAN:- AAAAI0686J) has been approved by Ihe Central Government for the purpose of clause (ii)/(iii) ofsub-seetion (I) of sec lion 35 of the Income-tax ACI, 1961 (said Act), read with Rules 5C and 5£ of the Income-tax Rules, 1962 (said Rules), from Assessment yea r 20 19 ~2020 and onwa rds under the category of "University, College or other Institution", subject to the following conditions, namely:-
- (;) The sums p,;d 10 Ihe ,ppmved o'gan;"I;on sh'lI be u"d fo, sc;enl;fi, "sca"h 'nd "sc",h ;n sodal sden" 0' statistical research;
- (ii) The approved organization shall carry out scientific research, research in social science or statistical research through its faculty members or its enrolled students;
- (iii) The approved organiJ'..ation shall maintain separate books of accounts in respect of the sums received by it for scientific research and research in social science or statistical research, renect therein the amounts used for carrying out research, get such books audited by an accountant as dcfined 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-lax having jurisdiction over the case, by the due date of furnishing the return of ineome under sub-section (I) of section 139 of the said Act;
- (iv) The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and research in social science or statistical research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
- (v) The approved organi/..3tion shall, by the due date of furnishing the return of income under sub-section (I) of section 139, furnish a statement to the Commissioner of Income-tax or Director of Income-tax containing-
- a detailed note on the research work undertaken by it during the previous year;
- a summary of research articles published in national or international journals during the year;
- any patent or other similar rights applied for or registered during the ycar;
- prograrnme of research projects to be undertaken during the fonhcoming year and thc financial allocation for such programme.
- The Central Government shall withdraw the approval if the approved organi7.alion:~
- (a) fails to maintain separate books of accounts referred to in sub-parugraph (iii) of pam graph I; 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 I; or a statement referred in sub-paragraph(v) of paragraph I ;or
- (d) ceases to carry on its research activities or its research activities arc not found to be genuine; or
- (e) ceases \0 conform to and comply with the provisions of clause (ii)/clause(iii) of sub-section (I) of section 35 of the said Act read with rules 5C and 5E of the said Rules.
(Rajarajeswari R )
Under Secretary to the Government of India
Notification No. 2. 12020
(F.No.203/07120 19/ITA. II)
To
The Manager,
Gov!. of India Press,
Mayapuri, New Delhi
Copy forwarde_d to:
- The applicant organization, MIs Indian Institute of Technology (Indian School of Mines) , Dhanbad
- ccrr (E), New Delhi
- CIT (E), Ranchi
- Web Manager, New Delhi, for placing on the website incomctaxindia.gov.in
- rrcc, CBDT (4 copies)
- Concerned file
- Guard file
~,. Under Secretary to the Government of India
