Section 35(1)(iii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved social science or statistical research associations or institutions - 001/2008 - Income Tax

Section 35(1)(iii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved social science or statistical research associations or institutions NOTIFICATION NO. 1/2008 DATED 2-1-2008 It is hereby notified for general information that the organization Kripa Foundation, Mumbai has been approved by the Central Government for the purpose of clause ( iii ) 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 1-4-2002 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 research in social sciences; ( ii ) The approved organization shall carry out research in social science or statistical research through its faculty members or its enrolled students; ( iii ) The approved organization shall maintain books of account and 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 research in social sciences and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above. 2. The Central Government shall withdraw the approval if the approved organization:— ( a ) fails to maintain books of account 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 research in social sciences or statistical 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 ( iii ) of sub-section (1) of section 35 of the said Act, read with rules 5C and 5E of the said Rules. [F. No. 203/83/2004/ITA-II]