CBDT Approves SKAN Research Trust for Income Tax Benefits u/s 35 for Scientific Research

The Central Board of Direct Taxes (CBDT) has approved the SKAN Research Trust for income tax benefits under Section 35 of the Income Tax Act for scientific research. This approval allows the trust to avail of tax deductions for donations made towards scientific research activities. Section 35 provides for deductions on contributions made to approved research institutions or universities. This decision is expected to encourage philanthropy towards scientific research and innovation, aligning with the government’s broader goal of promoting scientific development in India. It is a step towards fostering growth in the research and development sector through fiscal incentives.