Tax approval under section 35(1)(iii): institution must maintain separate research accounts and file annual returns and audited accounts. The Indian Council of Philosophical Research is approved as an Institution under clause (iii) of sub section (1) of section 35 of the Income tax Act, conditional on maintaining separate accounts for research funds, filing annual research returns to the prescribed authority by 30 April, submitting audited accounts and balance sheet to the prescribed authority and the Commissioner by 30 June, and applying for approval extension at least three months prior to expiry.