Approval under section 35(1)(iii) subjects research institutions to separate accounts, annual returns and audited statements. Approval under section 35(1)(iii) is granted to the Centre for Social Research as an institution for scientific research for 1-4-1986 to 31-3-1988, subject to maintaining separate research accounts, furnishing annual research returns by 30 April, submitting audited accounts and balance-sheet to the prescribed authority and the Commissioner by 30 June, and applying three months before approval expiry to the Central Board of Direct Taxes for any extension.