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<h1>Mahatma Gandhi Memorial College Approved for Scientific Research Funding Under Section 35(1)(iii) of Income-tax Act 1961</h1> The Mahatma Gandhi Memorial College in Udupi has been approved under section 35(1)(iii) of the Income-tax Act, 1961, effective from April 1, 1986, to March 31, 1988. The approval requires the college to maintain a separate account for funds received for scientific research, submit annual returns of its research activities by April 30 each year, and provide audited annual accounts by June 30 each year. The college must also apply for an extension of approval three months before its expiry to the Central Board of Direct Taxes. Failure to apply on time may result in rejection.