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<h1>Eye Research Foundation Approved for Tax Benefits under Section 35(1)(ii), Must Adhere to Reporting and Renewal Conditions</h1> The Eye Research Foundation in Madras has been approved by the Department of Scientific and Industrial Research, New Delhi, under section 35(1)(ii) of the Income-tax Act, 1961, effective from March 17, 1986, to March 31, 1988. The institution must maintain separate accounts for scientific research funds, submit annual returns of research activities by April 30 each year, and provide audited annual accounts to the prescribed authority and the Commissioner of Income-tax by June 30 each year. Additionally, the foundation must apply for approval extension to the Central Board of Direct Taxes three months before the current approval expires.