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<h1>Foundation Approved for Tax Benefits Under Section 35(1)(ii); Must Maintain Separate Accounts and Submit Annual Reports.</h1> The National Agricultural and Scientific Research Foundation in Calcutta has been approved under section 35(1)(ii) of the Income-tax Act, 1961, by the Department of Scientific and Industrial Research, New Delhi. The foundation must maintain separate accounts for scientific research funds, submit annual research activity returns by April 30, and provide audited financial statements by June 30 each year. It must also apply for approval extension three months before expiry. The approval is valid from October 24, 1986, to March 31, 1988.