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35 AC

Section 35

Provisions of Section 35(1)(i) and Section 35(1)(ii) of the Income Tax Act 1961, carry benefit with it, for the person who spend an amount towards Scientific Research whether carried out in own business or in any association like colleges, Universities or institutions etc. Because the person can claim benefit in while paying the income tax up to the total amount spent for this purpose.

For availing benefit of the above mentioned sections, firstly a person have to take Registration under the Income Tax Act 1961.

Form 3CF-I, By a university, college or other institution – Form 3CF-II Annexure to application Form No. 3CFI shall be filled out if association claims exemption under section 10(21).The application shall be made at any time during the financial year immediately preceding the assessment year for which approval is sought.

The application shall be made to the Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the applicant. In addition, the application must send a copy of the application to Member (IT), CBDT accompanied by the acknowledgement receipt as evidence of having furnished the application form to the jurisdictional Commissioner/Director of Income-tax.

If the applicant fails to remove the deficiency within the period of thirty days so allowed, the Commissioner of Income-tax or, as the case may be, the Director of Income-tax shall send his recommendation for treating the application as invalid to the Member (IT), Central Board of Direct Taxes.

If the application Form is complete in all respects, the Commissioner of Income-tax or, as the case may be, the Director of Income-tax, may make such inquiry as he may consider necessary regarding the genuineness of the activity of the association or university or college or other institution and send his recommendation to the Member (IT) for grant of approval or rejection of the application before the expiry of the period of three months to be reckoned from the end of the month in which the application Form was received in his office.