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of <h1>Medical College's Tax Approval Converted to Time-Bound Status, Valid Until 1987, Under Section 35(1)(ii) of Income Tax Act.</h1> The Lokmanya Tilak Municipal Medical College and Lokmanya Tilak Municipal General Hospital Staff and Research Society in Bombay has had its perpetual approval under section 35(1)(ii) of the Income Tax Act, 1961, converted to a time-bound approval valid until December 31, 1987. The institution must maintain separate accounts for research funds, submit annual returns of scientific activities by April 30, and provide audited accounts and balance sheets by June 30 each year. Additionally, it must apply for an extension of approval to the Central Board of Direct Taxes three months before expiration, with late applications subject to rejection.
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