SKAN Research Trust Secures Two Major Government Recognitions: Research Association for Scientific Research - Sec 35(1) and Scientific and Industrial Research Organization (SIRO)
PR Newswire
BENGALURU, India, Dec. 10, 2024
BENGALURU, India, Dec. 10, 2024 /PRNewswire/ -- SKAN Research Trust (SKAN), promoted by Indian entrepreneur Ashok Soota, announced that it is accorded two significant recognitions from the Government of India - Research Association for Scientific Research under Section 35(1)(ii) of the Income-tax Act, 1961 and Scientific and Industrial Research Organization (SIRO). These recognitions underscore the cutting-edge medical research, philanthropic vision, and governance model of SKAN, India's fastest-growing medical research organization.
In a Gazette notification dated November 25, 2024, the Ministry of Finance, Government of India, approved SKAN for five years under the category of 'Research Association for Scientific Research' for purposes of section 35(1)(ii) of the Income-tax Act, 1961. The approval came after a year of rigorous vetting by the Central Board of Direct Taxes on all aspects of SKAN, from the quality of its scientific output to a detailed scrutiny of its operations and research laboratories. The approval will enable SKAN to avail of tax benefits for scientific research activities, and it is expected to increase donations and grants to fund SKAN's research.
This milestone achievement follows another significant landmark when the Department of Scientific and Industrial Research, Government of India, recognized SKAN as a Scientific and Industrial Research Organization (SIRO). The SIRO recognition is an acknowledgment of the multiple patents and research papers published by SKAN scientists, which range from the use of AI in disease management and bioinformatics to large community studies that aid public health.
The SIRO designation will boost SKAN's research, as it receives customs duty exemptions on the purchase of research equipment and consumables.
Mr. Ashok Soota, the Chairman & Managing Trustee of SKAN, said, "These various approvals have come in a short span of three years since SKAN commenced operations. The recognition will establish SKAN's reputation as a prestigious medical research institution and enable us to plan our growth with confidence."
Dr. Yogesh Shouche, Director, SKAN, further stated, "The SIRO recognition is an important milestone for SKAN. This will enable SKAN to develop major research programs and encourage our researchers to plan for mid and long term projects."
About SKAN Research Trust
SKAN is a Bengaluru-based not-for-profit medical research trust that leverages transformational technologies to develop new therapies for ageing and neurological ailments, cardiovascular diseases, diabetes remission and lifestyle related disorders. SKAN applies its expertise in gut microbiome, genomics, stem cells, molecular biology, biomarkers, immunotherapies, nutrition, and alternate therapies to uncover kinder and gentler treatment protocols for ailments. Bioinformatics at SKAN vigorously pursues artificial intelligence, machine learning and other advanced technologies to predict, pre-empt, diagnose, treat, and facilitate remission of medical disorders. The Mission statement of SKAN is 'Transform the future of medicine. Impacting millions of lives.'
Website: SKANrt.in
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