Research association approval under income-tax law requires separate research accounts and annual audited returns submission. Approval under the income-tax provisions was granted to the Serum Institute of India Research Foundation, Poona, as an association for scientific research, subject to maintaining separate accounts for research funds, furnishing annual returns of research activities to the prescribed authority by 30 April each year, and submitting audited annual accounts and balance-sheet copies to the prescribed authority and the concerned Commissioner of Income-tax by 30 June each year.