Research Institution Approval requires separate research accounts, annual returns, audited accounts and timely renewal application to tax authority. The Asthma Bronchitis and Cancer Lung Foundation is approved as an Institute under section 35(1)(ii) subject to maintaining separate accounts for scientific research, filing annual research activity returns by 30 April, submitting audited accounts and balance-sheet to the prescribed authority and the Commissioner by 30 June, and applying to the tax board for extension of approval at least three months before expiry; late applications may be rejected.
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Research Institution Approval requires separate research accounts, annual returns, audited accounts and timely renewal application to tax authority.
The Asthma Bronchitis and Cancer Lung Foundation is approved as an Institute under section 35(1)(ii) subject to maintaining separate accounts for scientific research, filing annual research activity returns by 30 April, submitting audited accounts and balance-sheet to the prescribed authority and the Commissioner by 30 June, and applying to the tax board for extension of approval at least three months before expiry; late applications may be rejected.
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