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of <h1>Arvind Medical Research Foundation Gains Approval Under Section 35(1)(ii) of Income-tax Act for Scientific Research Funding</h1> The Arvind Medical Research Foundation in Madurai has been approved under section 35(1)(ii) of the Income-tax Act, 1961, by the Department of Science & Technology, New Delhi. This approval, effective from April 11, 1985, to March 31, 1986, requires the foundation to maintain separate accounts for scientific research funds, submit annual returns of research activities by April 30, and provide audited financial statements by June 30 each year to the prescribed authority and the Commissioner of Income-tax. Additionally, the foundation must apply for approval extension three months before expiry to the Central Board of Direct Taxes.
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