CBDT Notifies Krea University To Be Eligible For Income Tax Deduction

The Central Board of Direct Taxes (CBDT) has approved Krea University, Sricity, Chittoor under the category of "University, College or other institution' for research in "Social science or Statistical research" and allowed income tax deduction.

"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 'Krea University, Sricity, Chittoor, A.P. (PAN: AAFAK4100P)' under the category of 'University, College or 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," the notification read.

The notification will take effect on October 28th, 2022 (the previous year being 2022-23). It will be in effect from Assessment Years 2023-2024 to 2027-2028.

According to Section 35(1)(ii), an income tax deduction is allowed for any sum paid to a research association for the purpose of conducting social science or statistical research, or to a university, college, or other institution for the purpose of conducting social science or statistical research.

Notification No.118 /2022/F. No. 203/13/2021-ITA-II

Dated: 28.10.2022

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