CBDT grants Income Tax Exemption to Bhaikaka University for Scientific Research under Section 35(1)(ii):

CBDT grants Income Tax Exemption to Bhaikaka University for Scientific Research under Section 35(1)(ii) The Central Board of Direct Taxes (CBDT) has granted Income Tax Exemption to Bhaikaka University for Scientific Research under Section 35(1)(ii) of Income Tax Act of 1961. CBDT notified this via issuing a Notification. This exemption permits the university to authorize income tax benefits associated with scientific research. The Notification Read as Follows: In exercise of the powers conferred by clause (ii) 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 ‘Bhaikaka University’ Anand, Gujarat (PAN: AAGAB9280N) for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes of clause (ii) 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. This Notification shall apply with effect from the date of publication in the Official Gazette (i.e. from the Previous Year 2024-25) and accordingly shall be applicable for Assessment Years 2025-26 to 2029-30. For Official Notification Download PDF Given Below: