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of <h1>Indian Academy of Pediatrics' perpetual tax approval converted to time-bound, valid until March 31, 1987, with strict conditions.</h1> The Indian Academy of Pediatrics in Bombay, previously granted perpetual approval under section 35(1)(ii) of the Income-tax Act, 1961, has had its status converted to a time-bound approval valid until March 31, 1987. The conditions for this approval include maintaining a separate account for funds received for scientific research, submitting annual returns of research activities by April 30 each year, providing audited annual accounts by June 30, and applying for an extension three months before the approval expires. Failure to apply on time may result in rejection.
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