October 5, 2024

INDIA TAAZA KHABAR

SABSE BADA NEWS

Auroville Foundation Recognized for Research Tax Benefits

Auroville Foundation Recognized for Research Tax Benefits

On September 18, 2024, the Ministry of Finance issued Notification No. 102/2024, designating the Auroville Foundation (PAN: AAATA0037B) as an ‘Other Institution’ for conducting research in social science and statistical research, as per Section 35 of the Income-tax Act, 1961, and relevant Income-tax Rules. This approval allows the foundation to benefit from tax provisions intended for research institutions, applicable from the Previous Year 2024-25 through Assessment Years 2025-2026 to 2029-2030. The notification outlines the legal framework for the designation and confirms that no individuals will be adversely affected by its retrospective application. This decision aims to facilitate and support research initiatives within the framework of social sciences, ensuring compliance with existing tax regulations while promoting academic research activities. The notification is a formal recognition of the foundation’s role in contributing to research in these fields, aligning with the government’s objectives in fostering academic and statistical advancements.
MINISTRY OF FINANCEDepartment of RevenueCENTRAL BOARD OF DIRECT TAXESNew Delhi
Notification No.102/2024-Income Tax | Dated: 18th September, 2024
S.O. 3961(E).—In exercise of the powers conferred by clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with Rules 5C and 5E of the Income-tax Rules, 1962, the Central Government hereby approves Auroville Foundation (PAN: AAATA0037B) as ‘Other Institution’ for research in social science or statistical research for the purposes of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E 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 2025-2026 to 2029-2030.
[Notification No.102/2024/F.No. 203/12/2024/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.

Leave a Reply

Your email address will not be published.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

Copyright © All rights reserved. | Newsphere by AF themes.