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of <h1>Approval for Research Society Now Time-Bound Until March 1988 Under Section 35(1)(ii) of Income-tax Act 1961</h1> The perpetual approval for the institution known as 'The Research Society for Grant Medical College and J. J. Group of Hospitals, Bombay' under section 35(1)(ii) of the Income-tax Act, 1961, has been converted into a time-bound approval valid until March 31, 1988. The institution must maintain a separate account for funds received for scientific research, submit annual returns of research activities by April 30 each year, provide audited annual accounts and balance sheets by June 30, and apply for approval extension at least three months before expiry. Late applications may be rejected.
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