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The Central Government approves M/s National Centre for Cell Science, Pune as a Scientific Research Association under section 35 of the Income-tax Act, 1961. The approval applies from Assessment year 2019-20 onwards. The organization must undertake scientific research by itself and maintain separate books of accounts. The organization must get the accounts audited by an accountant and submit the audit report to the tax authority by the due date of furnishing the return of income. The organization must also maintain a separate statement of donations and submit detailed research notes, summaries of published articles, patent details, and forthcoming project programmes.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th July, 2019
S.O. 2560(E).—It is hereby notified for general information that the organization M/s National Centre for Cell Science, Pune (PAN:-AAATN0848B) 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 5D of the Income-tax Rules, 1962 (said Rules), from Assessment year 2019-20 onwards in the category of ‘Scientific Research Association’, subject to the following conditions, namely:-
(i) The sole objective of the approved ‘Scientific Research Association’ shall be to undertake scientific research;
(ii) The approved organization shall carry out scientific research by itself;
(iii) The approved organization 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) The 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.
(v) The approved organization 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. 53/2019/F. No. 203/18/2018/ITA-II] RAJARAJESWARI R., Under Secy.
