The Central Board of Direct Taxes (CBDT), through Notification No. 121/2024 dated November 25, 2024, has officially designated the SKAN Research Trust as a 'Research Association' for the purpose of conducting scientific research under Section 35(1)(ii) of the Income-tax Act, 1961.
This recognition allows contributions made to the SKAN Research Trust to qualify for weighted tax deductions, encouraging organizations and individuals to support its scientific research initiatives. Section 35 of the Income-tax Act facilitates deductions for donations made to approved institutions engaged in research, fostering innovation and development in various scientific domains.
In exercise of the powers conferred by clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with Rules 5C and 5D of the Income-tax Rules, 1962, the Central Government hereby approves SKAN Research Trust (PAN: ABBTS4312B), Bengaluru under the category of 'Research Association' for 'Scientific Research' for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with Rules 5C and 5D of the Income-tax Rules, 1962.
This Notification shall apply with effect from the date of publication in the Official Gazette (i.e. from the Previous Year 2024-25) and accordingly shall be applicable for Assessment Years 2025-26 to 2029-30.
Explanatory Memorandum: It is certified that no person is being adversely affected by granting retrospective effect to this notification.
Official copy of the notification has also been attached
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