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of <h1>Indchem Research Lab Approved for Scientific Research Under Section 35(1)(ii) of Income-tax Act, 1961</h1> Indchem Research and Development Laboratory in Madras has been approved under section 35(1)(ii) of the Income-tax Act, 1961, for scientific research purposes by the Department of Scientific and Industrial Research. The approval is valid from October 24, 1986, to March 31, 1988. The institution must maintain separate accounts for research funds, submit annual returns of research activities by April 30, and provide audited accounts and balance sheets by June 30 each year to the prescribed authority and the Commissioner of Income-tax. For extension, applications must be submitted three months before approval expires.
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