Research institution approval requires separate accounts and annual audited returns to the prescribed authority and tax authorities. Approval is granted to the institution for recognition under the Income-tax Act for scientific research, conditional on maintaining separate accounts for research funds, furnishing annual returns of research activities to the prescribed authority by 30th April each year, and submitting audited annual accounts showing income, expenditure, assets and liabilities to the prescribed authority and tax authorities by 30th June each year; the approval is effective only for the specified period.