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of <h1>Hyderabad Science Society Gains Approval Under Section 35(1)(ii) for Tax Benefits; Must Follow Strict Reporting Rules</h1> The Hyderabad Science Society has been approved as an institution under section 35(1)(ii) of the Income-tax Act, 1961, by the Department of Scientific and Industrial Research, New Delhi. This approval, effective from April 1, 1986, to March 31, 1988, requires the Society 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 each year. Additionally, the Society must apply for approval extension three months before expiry, with late applications subject to rejection.
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