Ministry : Ministry of Finance (Department of Revenue)
Part II-Section 3-Sub-Section (ii)
Subject : Extra Ordinary
Overview [Extraordinary Gazette Notification: Section 35(1)(ii) Approval]
This is an extraordinary gazette notification from the Central Board of Direct Taxes under India's Ministry of Finance, approving tax-exempt status for a charitable trust's educational and research institution.
Key Points
- Grants approval under Section 35 of the Income-tax Act, 1961, read with Income-tax Rules 5C and 5E.
- Approves "Sri Paripoorna Sanathana Charitable Trust" (PAN: AALTS2655L) for its 'Sri Paripoorna Sanathana Ayurveda Medical College, Hospital and Research Centre'.
- Classifies the entity under "University, college or other institution" for "Scientific Research".
- Effective from the date of publication, applicable to the Previous Year 2024-25.
- Applicable for Assessment Years 2025-26 to 2029-30.
- Includes a certificate that no person is adversely affected by granting retrospective effect.
Summary
The gazette notifies the approval of a charitable trust's medical college and research centre for tax exemption under Section 35 of the Income-tax Act. The notification, effective from the previous year 2024-25, provides tax benefits for scientific research activities for the Assessment Years 2025-26 to 2029-30, ensuring no adverse financial impact on other parties.
