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In a significant development, the Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has issued Notification No. 125/2024, approving the International Institute of Information Technology (IIIT), Hyderabad, for 'Scientific Research.' This approval falls under the category of 'University, college or other institution,' as specified in clause (ii) of sub-section (1) of Section 35 of the Income-tax Act, 1961. Effective from the financial year 2024-25, this recognition will apply f
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FAQ :
The International Institute of Information Technology (IIIT), Hyderabad has received approval for scientific research.
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has granted the approval.
The approval is granted under clause (ii) of sub-section (1) of Section 35 of the Income-tax Act, 1961.
The approval is effective from the financial year 2024-25.
This approval will be applicable for the assessment years 2025-26 to 2029-30.
According to the explanatory memorandum, no individual or entity will be adversely affected by the implementation of this decision.
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