Approval under section 35(1)(ii) requires separate research accounts, annual returns, audited accounts, and timely renewal applications. Approval under section 35(1)(ii) grants the Karnataka Cancer Therapy and Research Institute approved research institution status, conditional on maintaining separate research accounts, filing prescribed annual returns of research activities by 31st May, and submitting audited annual accounts, income and expenditure statements, and a balance sheet to the prescribed authority, the Central Board of Direct Taxes, and the concerned Commissioner by 30th June each year; extensions require advance application.