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of <h1>Madras Institute of Magnetobiology Gains Tax Approval for Scientific Research Under Section 35(1)(ii) of Income-tax Act 1961</h1> The Madras Institute of Magnetobiology, Madras, has been approved by the Department of Science & Technology, New Delhi, under section 35(1)(ii) of the Income-tax Act, 1961, effective from July 2, 1985, to March 31, 1987. This approval requires the institution to maintain separate accounts for scientific research funds, submit annual returns of research activities by April 30 each year, and provide audited accounts and balance sheets by June 30 annually to the prescribed authority and the Commissioner of Income-tax. Additionally, the institution must apply for approval extension three months before its expiry to avoid rejection.
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