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of <h1>Institute Approved for Scientific Research Funding Under Section 35(1)(ii) of Income-tax Act 1961</h1> The Institute of Financial Management Research in Madras has been approved by the Department of Scientific and Industrial Research, New Delhi, under section 35(1)(ii) of the Income-tax Act, 1961. The approval is valid from April 1, 1986, to March 31, 1989. The institute must maintain a separate account for funds received for scientific research, submit annual returns of its scientific activities by April 30, and provide audited accounts and balance sheets by June 30 each year. Additionally, it must apply for approval extension three months before expiry to avoid rejection.
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