Approval under section 35(1)(ii) imposes accounting, annual reporting, audited accounts and renewal application requirements for research institutions. Approval under section 35(1)(ii) recognizes the Associated Agricultural Development Foundation as an approved research Institution conditional upon maintaining a separate account for scientific research receipts, filing annual returns of research activities to the prescribed authority by the annual deadline, submitting audited annual accounts and balance sheet copies to the prescribed authority, the Central Board of Direct Taxes and the Commissioner of Income-tax, and applying to the Central Board for extension of approval within the required advance period before expiry.