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

  1. 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.

  1. Applicability:

The notification applies retrospectively from the Previous Year 2024-25.

It will be valid for Assessment Years 2025-26 to 2029-30.

  1. PAN Details:

SKAN Research Trust has been identified with PAN: ABBTS4312B.

  1. 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.

  1. 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.

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