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of <h1>Institute of Road Transport Approved Under Section 35(1)(ii) for Scientific Research; Must Submit Annual Returns and Accounts</h1> The Institute of Road Transport, Taramani, Madras, has been approved by the Department of Scientific and Industrial Research under section 35(1)(ii) of the Income-tax Act, 1961, effective from April 1, 1987, to March 31, 1988. The approval requires the Institute to maintain separate accounts for funds received for scientific research, submit annual returns of research activities by May 31 each year, and provide audited annual accounts and balance sheets by June 30 each year to the prescribed authority and the Central Board of Direct Taxes. The Institute must apply for extension three months before the approval's expiry.
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