(To BE Published in Part II, Sub-section (ii) of section 3 of the Gazette of INDIA)
Notification No. 58/2016 [F.No.203/33/2015/ITA-II] was published on 18 July 2016. Its subject is (To BE Published in Part II, Sub-section (ii) of section 3 of the Gazette of INDIA).
This is an approval of a named institution. It affects that institution and the people who deal with it; the years it covers are stated in it and are the whole of its reach.
(TO BE PUBLISHED IN PART II, SUB-SECTION (ii) OF SECTION 3 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 onwards under the category of "University, College or Other Institution" engaged in research activities subject to the following conditions, namely:
(i) The sums paid to the approved organization shall be utilized for scientific research;
(ii) The approved organization shall carry out scientific research through its faculty members or its enrolled students;
(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.
2. The Central Government shall withdraw the approval if the approved organization:
(a) fails to maintain separate books of accounts 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 scientific 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 (ii) of sub-section (1) of section 35 of the said Act read with rules 5C and 5E of the said Rules.
Notification No. 58/2016
(Rohit Garg)
Deputy Secretary to Government of India
(F.No.20/33/2015/ITA-II)To
The Manager,
Govt. of India Press,
Mayapuri, New DelhiCopy forwarded to:
1. The applicant organization, M/s Indian Institute of Science Education and Research, Mohali.
2. The Chief Commissioner of Income Tax (Exemption), New Delhi.
3. The Comptroller & Auditor General of India.
4. CIT (Exemption), Chandigarh.
5. Ministry of Law & Justice (Correction Section), New Delhi.
6. Web Manager, New Delhi, for placing on the website incometax.gov.in
7. ITCC, CBDT (4 copies)
8. Concerned file
9. Guard file(Rohit Garg)
Deputy Secretary to Government of India
← Notification No.60/2016 [F.No.142/8/2016-TPL] /SO 2477(E) · Notification No. 57/2016 [F. No. 500/1/2014-APA-II] /SO 2425(E) →
Source: the Income Tax Department’s own published text — its page for this instrument.