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of <h1>VMA Oilseeds Institute Approved for Tax Benefits Under Section 35(1)(ii) for 1985; Must Follow Reporting Rules</h1> The VMA Oilseeds Research and Development Institute, Bombay, has been approved under section 35(1)(ii) of the Income-tax Act, 1961, by the Department of Science and Technology, New Delhi. This approval is valid from January 1, 1985, to December 31, 1985. The institute must maintain a separate account for scientific research funds, submit annual research activity returns by April 30, and provide audited financial accounts by June 30 each year. Additionally, it must apply three months before the approval's expiry for an extension to the Central Board of Direct Taxes. Late applications may be rejected.
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