CBDT Recognizes SKAN Research Trust as Research Association for Tax Deductions

The Central Board of Direct Taxes (CBDT) has officially recognized the Skan Research Trust as a research association, thus enabling it to claim tax deductions under Section 35 of the Income Tax Act. This recognition allows donors to claim deductions for contributions made to the trust, which is engaged in scientific research activities. This decision is expected to encourage more donations towards research initiatives by offering tax benefits. It also marks a significant step in promoting research and development (R&D) in India. The move aims to foster greater collaboration between the private sector and research bodies, supporting the government’s objective of boosting innovation. Taxpayers who contribute to Skan Research Trust will be able to avail themselves of tax relief, which will incentivize further research activities.