The CBDT vide Notification No. 18/2024 dated January 30, 2024, granted the approval to ‘M/s Prayoga’ in Bengaluru as an ‘Other Institution’ under the ‘University, College, or Other Institution’ category for ‘Scientific Research.’ This approval is in accordance with clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (“the IT Act”), along with Rules 5C and 5E of the Income-tax Rules, 1962 (“the IT Rules”).
This Notification shall apply with effect from the date of publication in the Official Gazette (i.e. from the Previous Year 2023-24) and accordingly shall be applicable for Assessment Years 2024-2025 to 2028-2029.
Explanatory Memorandum: It is certified that no person is being adversely affected by granting retrospective effect to this notification.
The Notification can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/CBDT-N.-No.-18-2024.pdf