The Central Board of Direct Taxes and Customs (CBDT) notified the National Institute of Design, Ahmedabad, of the income tax exemption.The government approved the National Institute of Design, Ahmedabad, under the category of university, college, or other institution for scientific research for the purposes of Section 35(1)(ii) of the Income-tax Act, 1961, read with Rules 5C and 5E of...
The Central Board of Direct Taxes and Customs (CBDT) notified the National Institute of Design, Ahmedabad, of the income tax exemption.
The government approved the National Institute of Design, Ahmedabad, under the category of university, college, or other institution for scientific research for the purposes of Section 35(1)(ii) of the Income-tax Act, 1961, read with Rules 5C and 5E of the Income-tax Rules, 1962.
The notification shall apply with effect from the date of publication in the Official Gazette (i.e., from the previous year 2023–24) and shall be applicable for assessment years 2024–2025 to 2028–2029.
Section 35(1)(ii) of the Income-tax Act, 1961, deals with the deductions in respect of expenditure on scientific research.
Circular No. 23/2023/F. No. 203/07/2022/ITA-II
Date: 21/04/2023
Click Here To Read The Circular