Indian Society of International Law gets approval u/s 35(1)(3) of Income Tax Act

NOTIFICATION NO. 22 [F.NO.203/43/2010/ITA-II],

INDIAN SOCIETY OF INTERNATIONAL LAW, NEW DELHI NOTIFIED AS AN APPROVED ORGANISATION U/S 35(1)(III)

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

It is hereby notified for general information that the organization Indian Society of International Law, New Delhi 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 assessment year 2010-11 onwards 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.

profile image

About Shantanu

Shantanu

eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 15 years.

One response to “Indian Society of International Law gets approval u/s 35(1)(3) of Income Tax Act”

  1. Kunal says:

    Pretty nice post. I just stumbled upon your blog and wanted to say that I have truly enjoyed surfing
    around your blog posts. In any case I’ll be subscribing to your rss
    feed and I hope you write again soon!

Leave a Reply

Your email address will not be published. Required fields are marked *

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Recent Articles

Recent Legal updates

Recent Gst Updates