CBDT Recognizes SKAN Research Trust for Tax Benefits under Section 35
On November 25, 2024, the Central Board of Direct Taxes (CBDT) issued Notification No. 121/2024, officially designating the SKAN Research Trust, Bengaluru, as a Research Association for Scientific Research under Section 35(1)(ii) of the Income-tax Act, 1961.
Key Details
- Approval Scope:
The trust qualifies as a ‘Research Association for Scientific Research’.
This recognition facilitates tax deductions for contributions made to the trust under Section 35(1)(ii) of the Income-tax Act.
- Applicability:
The notification applies retrospectively from the Previous Year 2024-25.
It will be valid for Assessment Years 2025-26 to 2029-30.
- PAN Details:
SKAN Research Trust has been identified with PAN: ABBTS4312B.
- Regulatory Compliance:
The notification is in accordance with Rules 5C and 5D of the Income-tax Rules, 1962.
It ensures that the trust meets the standards for organizations engaged in scientific research.
- Explanatory Memorandum:
The retrospective effect of this notification does not adversely impact any individual or entity.
Implications
For Donors: Contributions to SKAN Research Trust will be eligible for tax deductions under Section 35(1)(ii).
For SKAN Research Trust: The recognition boosts its credibility and facilitates funding for its scientific research initiatives.
This notification underscores the government’s continued support for research organizations driving scientific advancement in India.
