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35AC Registration for (Scientific Research)

As of my last update in September 2021, Section 35AC of the Income Tax Act, 1961, provided for tax benefits to donors contributing to projects or schemes approved by the National Committee for Promotion of Social and Economic Welfare (NCSW).

35AC Registration for (Scientific Research)

As of my last update in September 2021, Section 35AC of the Income Tax Act, 1961, provided for tax benefits to donors contributing to projects or schemes approved by the National Committee for Promotion of Social and Economic Welfare (NCSW). However, please note that tax laws and regulations may change over time, so it’s essential to verify the current provisions with the relevant tax authorities or a qualified tax professional.

Here’s an overview of the provisions related to Section 35AC:

  1. Section 35AC Approval: Under Section 35AC, the NCSW was authorized to approve specific projects or schemes run by NGOs, charitable institutions, or entities engaged in scientific research or social and economic welfare activities. Once a project or scheme was approved by the NCSW, it became eligible to receive funding from eligible donors who wanted to avail tax benefits.

  2. Tax Benefits to Donors: Donors contributing to projects or schemes approved under Section 35AC could claim 100% of the amount donated as a deduction from their taxable income under the Income Tax Act. This deduction was over and above the usual 80G deduction available for donations to certain charitable institutions.

  3. Duration of Approval: The approval under Section 35AC was typically valid for a specific period, after which the project or scheme needed to seek renewal of approval from the NCSW to continue availing tax benefits for donors.

  4. Eligibility Criteria: To be eligible for approval under Section 35AC, the project or scheme needed to fulfill certain conditions laid down by the NCSW. These conditions usually included the nature of activities, objectives, utilization of funds, and compliance with other statutory requirements.

It’s important to note that the provision under Section 35AC for tax benefits to donors may have been amended, modified, or replaced with different provisions in the latest tax laws. Therefore, for the most current and accurate information on Section 35AC and its implications for scientific research or any other purpose, I recommend consulting with the relevant tax authorities or a qualified tax professional in your jurisdiction. They can provide you with the latest guidelines and regulations related to tax benefits for scientific research or social welfare activities.

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