Approval Notification for the Sree Mullapudi Venkataramanamma Memorial Hospital as a Scientific Research Association

Introduction

This blog outlines a significant notification concerning the approval of the Sree Mullapudi Venkataramanamma Memorial Hospital and Research Centre as a scientific research association for medical research, as stipulated in the Income Tax Act.

Notification Details

• Notification Number: S.O.1353
• Issued On: 16th January 1981
• Relevant Sections: 35, 35(1), 35(1)(ii)
• Legislation: Income Tax Act of 1961

Following up on Notification No. 2592 (F. No. 203/159/78-ITA.II) dated 23rd November 1978, we provide the essential details for public awareness.

Approval and Regulatory Provisions

The Sree Mullapudi Venkataramanamma Memorial Hospital and Research Centre has been accredited by the Indian Council of Medical Research, New Delhi, as a competent authority under clause (ii) of sub-section (1) of Section 35 of the Income Tax Act, 1961. This recognition adheres to Rule 6(ii) of the Income Tax Rules, 1962, specific to the "scientific research association" classification concerning medical research.

Conditions of Approval

The approval carries specific conditions:

1. Separate Accounting: The Association must maintain a clear and distinct account of all funds allocated for medical research.
2. Annual Reporting: An annual report detailing the Association's scientific research activities must be submitted to the Council by 31st May each year, following the prescribed format communicated by the Council.
3. Audited Financial Statements: The Association is obliged to provide an annual audited statement of accounts to the Council by 31st May each year, along with an additional copy for the relevant Income Tax Commissioner.

Conclusion

This notification is valid for a duration of two years, beginning on 30th November 1980 and concluding on 29th November 1982.

Reference: [No. 3794/F. No. 203/291/80-ITA. II]