Research institution approval requires separate research accounts, annual returns, audited accounts and timely renewal applications. Approval under clause (ii) of sub section (1) of section 35 of the Income tax Act was granted to Nanawati Hospital Medical Research Centre as an approved research association on condition that it maintain separate accounts for scientific research, furnish annual returns of research activities in prescribed forms, submit audited annual accounts and balance sheet to the prescribed authority and tax authorities by the specified annual dates, and apply to the Central Board for extension of approval in advance of expiry.
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Research institution approval requires separate research accounts, annual returns, audited accounts and timely renewal applications.
Approval under clause (ii) of sub section (1) of section 35 of the Income tax Act was granted to Nanawati Hospital Medical Research Centre as an approved research association on condition that it maintain separate accounts for scientific research, furnish annual returns of research activities in prescribed forms, submit audited annual accounts and balance sheet to the prescribed authority and tax authorities by the specified annual dates, and apply to the Central Board for extension of approval in advance of expiry.
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