Approved scientific research institution status requires separate research accounts, annual returns and audited accounts filed with tax authorities. Approval is granted to Maneklal Scientific Research Foundation, Bombay, as an approved institution under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, conditional on maintaining separate accounts for research and furnishing annual returns of research activities by 30 April and audited annual accounts (income/expenditure and balance-sheet) to the prescribed authority and the Commissioner by 30 June each year.