Institute of Scientific Research on Vedas (I-SERVE),
Hyderabad approved as an
institution for purpose of section
35(1)(ii) of IT Act, 1961
Notification No. 90/2009, dated 26-11-2009
It is
hereby notified for general information that the organization Institute of Scientific Research on Vedas
(I-SERVE), Hyderabad has been approved by the Central Government for the
purpose of clause (ii) of sub-section (1) of section 35 of the
Income-tax Act, 1961 (said Act), read with Rules
(i) The sums paid to the approved
organization shall be utilized for scientific research;
(ii)
The approved organization shall carry out scientific research through its
faculty members or its enrolled students;
(iii) The
approved organization shall maintain separate
books of accounts in respect of the sums received by it for scientific
research, reflect therein the amounts used for carrying out research, 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 scientific research
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 separate books of accounts
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 scientific
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 (ii) of sub-section (1) of
section 35 of the said Act read with
rules