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Date: 25-Nov-2024 Category: Extra Ordinary State: Union Government Country: India

Notification u/s 35(1)(ii) of the Income Tax Act, 1961 in the case of M/s SKAN Research Trust, Bengaluru.

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • This gazette notification approves SKAN Research Trust, Bengaluru as a 'Research Association' for conducting 'Scientific Research' under Section 35(1)(ii) of the Income-tax Act, 1961.
  • This approval allows SKAN Research Trust to avail benefits under the Income-tax Act, 1961 related to scientific research.
  • The approval is effective from the date of publication of the gazette, which is the previous year 2024-25.

Key Changes

  • SKAN Research Trust (PAN: ABBTS4312B) is approved as a 'Research Association' for 'Scientific Research'.
  • The approval is granted under Section 35(1)(ii) of the Income-tax Act, 1961, read with Rules 5C and 5D of the Income-tax Rules, 1962.
  • The approval is effective from the previous year 2024-25.
  • The approval is applicable for assessment years 2025-26 to 2029-30.

Impact Analysis

SKAN Research Trust

  • Action Item: The trust should maintain detailed records of all research expenses and ensure proper documentation for tax purposes.

Government

  • Action Item: The Central Board of Direct Taxes (CBDT) should ensure that the approval is properly implemented and monitored.

Other Research Associations

  • Action Item: Other research associations should review their eligibility and apply for approval if they meet the requirements.

Tax Payers

  • The explanatory memorandum explicitly states that no person is being adversely affected by granting retrospective effect to this notification.

Key Entities Referenced

SKAN Research Trust: A research trust based in Bengaluru, approved as a 'Research Association' for 'Scientific Research'. Income-tax Act, 1961: The primary legislation governing income tax in India. Section 35(1)(ii) provides deductions for scientific research. Income-tax Rules, 1962: Rules framed under the Income-tax Act, 1961. Rules 5C and 5D specify conditions and procedures related to scientific research approvals. Central Board of Direct Taxes (CBDT): The apex body responsible for administering direct taxes in India.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-25112024-258904 xxxGIDHxxx CG-DLxx-xEG-I2D5E1x1x2x0 24-258904 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4664] नई दिल्ली, सोमिार, निम्ब र 25, 2024/अग्रहायण 4, 1946 No. 4664] NEW DELHI, MONDAY, NOVEMBER 25, 2024/AGRAHAYANA 4, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 25 निम्बर, 2024 का. आ. 5054(अ).—आयकर जनयमािाली, 1962 के जनयम 5ग और 5घ के साथ पठित आयकर अजधजनयम, 1961 (1961 का 43) की धारा 35 की उप-धारा (1) के खंड (ii) द्वारा प्रित्त िजियों का प्रयोग करते हुए केन्द्द्र सरकार एस के ए एन ठरसच ड रस्ट्ट (पनै : ABBTS4312B) को आयकर जनयमािली, 1962 के जनयम 5ग और 5घ के साथ पठित आयकर अजधजनयम, 1961 की धारा 35 की उप-धारा (1) के खंड (ii) के प्रयोिनाथ ड ‘अनसु धं ान सगं म’ की श्रेणी के अतं गतड ‘िज्ञै ाजनक अनसु धं ान’ हते ु अनुमोदित करती ह ै। 2. यह अजधसूचना सरकारी रािपत्र में इसके प्रकािन की तारीख (अथाडत पूिड िर् ड 2024-25 से) स ेलागू होगी तथा तिनुसार जनधाडरण िर्ों 2025-26 से 2029-30 के जलए लाग ूहोगी। [अजधसूचना सं. 121/2024/फा .सं. 203/02/2024/ITA-II] कास्त्रो ियप्रकाि टी., अिर सजचि स्ट्पष्टीकरण ज्ञापन: यह प्रमाजणत दकया िाता ह ै दक इस अजधसूचना को भूतलक्षी प्रभाि िेन े से दकसी भी व्यजि पर प्रजतकूल प्रभाि नहीं पड़ रहा ह ै। 7598 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th November, 2024 S.O. 5054(E).—In exercise of the powers conferred by clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with Rules 5C and 5D of the Income-tax Rules, 1962, the Central Government hereby approves SKAN Research Trust (PAN: ABBTS4312B), Bengaluru under the category of ‘Research Association’ for ‘Scientific Research’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with Rules 5C and 5D of the Income-tax Rules, 1962. 2. This Notification shall apply with effect from the date of publication in the Official Gazette (i.e. from the Previous Year 2024-25) and accordingly shall be applicable for Assessment Years 2025-26 to 2029-30. [Notification No. 121/2024/F. No. 203/02/2024/ITA-II] CASTRO JAYAPRAKASH T., Under Secy. Explanatory Memorandum: It is certified that no person is being adversely affected by granting retrospective effect to this notification. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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