Income Tax - University of Pennsylvania Institute for Advance Study of India approved as other institution

By Vijay Kumar

AS per clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961, In respect of expenditure on scientific research, the following deductions shall be allowed;

an amount equal to one and one-fourth times of any sum paid] to a university, college or other institution to be used for research in social science or statistical research :

Provided that such university, college or other institution for the purposes of this clause—

(A) is for the time being approved, in accordance with the guidelines, in the manner and subject to such conditions as may be prescribed; and

(B) such university, college or other institution is specified as such, by notification in the Official Gazette, by the Central Government

Now the University of Pennsylvania Institute for the Advance Study of India, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act .

Notification No. 17/2010 -INCOME TAX Dated: March 22, 2010