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Tax exemption to 3 Kolkata based research entities withdrawn

Revenue department has withdrawn tax benefits to 3 Kolkata-based entities given to them as part of tax incentive to promote scientific research.

By: | Kolkata | Published: September 22, 2016 5:52 PM

 

Indian rupee vs US dollar Revenue department has withdrawn tax benefits to 3 Kolkata-based entities given to them as part of tax incentive to promote scientific research. (Photo: Reuters)

Revenue department has withdrawn tax benefits to 3 Kolkata-based entities given to them as part of tax incentive to promote scientific research.

 

The tax exemption has been withdrawn from Matrivani Institute of Experimental Research and Education, Herbicure Health Bio-Herbal Research Foundation and School of Genetics and Population Health.

Matrivani was given the exemption under section 35 of the Income Tax Act in August 2007 while the Herbicure got the exemption in March 2008.

School of Genetics and Population Health had got the exemption in January 2010.

The Income Tax Act provides for tax deductions for promoting research and development activities.

The tax exemption is withdrawn if the organisation fails to maintain books or accounts, does not furnish audit report or statement of the donations.

The benefit is also withdrawn if the organisation ceases to carry on its research activities or its research activities are not found to be genuine.

The Central Board of Direct Taxes had withdrawn the notifications granting approval exemption to the entities, a notification said.

The entities were given the exemption under the category of ‘other institution’ partly engaged in research activities.

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