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<h1>National Hospitals' perpetual tax approval under Section 35(1)(ii) now time-bound until March 31, 1987; strict conditions apply.</h1> The perpetual approval granted to National 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, 1987. The conditions include maintaining separate accounts for funds received for scientific research, submitting annual returns of scientific research activities by April 30 each year, providing audited annual accounts and balance sheets by June 30 each year, and applying for further extension three months before the approval's expiry. Late applications for extension may be rejected.