Approved Institution status under section 35(1)(ii) requires separate research accounts, annual returns and audited accounts filings. Approved Institution recognition for Potash Research Institute of India requires maintenance of separate research accounts; annual returns of scientific research activities to the prescribed authority by 30th April; and submission of audited annual accounts, income and expenditure statements and a balance sheet to the prescribed authority by 30th June with copies to the Commissioner of Income-tax. The Institute must apply to the Central Board of Direct Taxes for extension of approval three months before expiry; late applications may be rejected. The approval is effective for a specified limited period.