Research institution approval under section 35(1)(ii) requires separate research accounts and yearly audited filings for renewal. Approval is granted to the Foundation for Coil Winding Technology and Research, Pune as an association subject to compliance: maintain separate accounts for scientific research; furnish annual returns of research activities by 31 May; submit audited annual accounts, income and expenditure statements and balance sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner by 30 June; and apply to the Central Board for extension three months before approval expiry to avoid rejection.
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Research institution approval under section 35(1)(ii) requires separate research accounts and yearly audited filings for renewal.
Approval is granted to the Foundation for Coil Winding Technology and Research, Pune as an association subject to compliance: maintain separate accounts for scientific research; furnish annual returns of research activities by 31 May; submit audited annual accounts, income and expenditure statements and balance sheet to the prescribed authority, the Central Board of Direct Taxes and the concerned Commissioner by 30 June; and apply to the Central Board for extension three months before approval expiry to avoid rejection.
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