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The Central Government approves M/s Indian Institute of Science Education and Research, Mohali, under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961. The approval applies from Assessment year 2016-2017 and onward for research activities under the category of University, College or Other Institution. The organization must utilize sums paid for scientific research, conduct research through faculty members or enrolled students, maintain separate books of accounts, and get the accounts audited by an accountant. The organization must furnish the audit report and a separate statement of donations to the jurisdictional Commissioner of Income-tax or Director of Income-tax by the due date of furnishing the return of income.
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(TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA)
Government of India
Ministry of Finance
(Department of Revenue)
(Central Board of Direct Taxes)
Notification
New Delhi, the 15th July, 2016
S.O.
It is hereby notified for general information that the organization M/s Indian Institute of Science Education and Research, Mohali (PAN: AAAAI1781K) 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), from Assessment year 2016-2017 and onward under the category of "University, College or Other Institution" engaged in research activities subject to the following conditions, namely:—
Notification No. 58/2016
(Rohit Garg)
Deputy Secretary to Government of India
(F.No.203/33/2015/ITA-II)
To
The Manager,
Govt. of India Press,
Mayapuri, New Delhi
Copy forwarded to:
(Rohit Garg)
Deputy Secretary to Government of India
