CBDT approves Sri Shankara Cancer Foundation for weighted deduction of expenditure on scientific research
CBDT has approved ‘Sri Shankara Cancer Foundation, Bangalore (PAN: AAHTS5593F)’ under the category of ‘University, College or other institution’ for deduction of expenditure on 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 5E of the Income-tax Rules, 1962.
Under the said clause in respect of expenditure on scientific research, a deduction of an amount equal to one and one half times is allowed for any sum paid to a research association which has as its object the undertaking of scientific research or to a university, college or other institution to be used for scientific research.
The approval shall apply with effect from Previous Year 2021-22 and accordingly shall be applicable for Assessment Years 2022-2023 to 2026-2027
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