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<h1>Serum Institute Research Foundation Approved for Tax Benefits Under Section 35(1)(ii) for 1986-1988; Must Meet Compliance Deadlines.</h1> The Serum Institute of India Research Foundation, Pune, is approved under section 35(1)(ii) of the Income-tax Act, 1961, by the Department of Scientific and Industrial Research, New Delhi, for the period from April 1, 1986, to March 31, 1988. The foundation must maintain separate accounts for scientific research funds, submit annual returns of its research activities by April 30, and provide audited accounts and balance sheets by June 30 each year. It must also apply for approval extension three months before expiry. Failure to meet these conditions may result in rejection of extension applications.