Notification No.70/2021 u/s 35(1)(ii)/(iii) of the Income-tax Act, 1961 in the case of M/s Indian Institute of Technology (IIT), Bhilai

Last updated: 10 June 2021

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The Central Board of Direct Taxes has approved M/s Indian Institute of Technology, Bhilai (IIT Bhilai) for scientific research, social science research, and statistical research. This approval allows IIT Bhilai to be recognised under the Income-tax Act, 1961, for tax benefits. The approval is effective retrospectively from the assessment year 2021-2022 and will continue through to the assessment year 2025-2026.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 8th June, 2021 S.O. 2175 (E). In exercise of the powers conferred by clauses (ii) and (iii) 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 M/s Indian Institute of Technology, Bhilai (PAN: AABAI0415K) under the category of University, College or other institution for

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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FAQ :

This notification approves M/s Indian Institute of Technology, Bhilai (IIT Bhilai) for scientific research, research in social science, and statistical research under the Income-tax Act, 1961.

IIT Bhilai is approved as a 'University, College or other institution' for Scientific Research, Research in Social Science, and Statistical Research.

This notification is deemed to have been applied for the assessment year 2021-2022.

The approval is valid for the assessment years 2021-2022, 2022-2023, 2023-2024, 2024-2025, and 2025-2026.

The notification was issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes.

Notification No : 70/2021
Source : https://www.incometaxindia.gov.in/communications/notification/notification_70_2021.pdf

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