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<h1>Birla Institute Approved for Tax Benefits Under Section 35(1)(ii); Must Submit Annual Reports and Audits Timely</h1> The Birla Institute of Scientific Research in Calcutta has been approved by the Department of Scientific & Industrial Research, New Delhi, under section 35(1)(ii) of the Income-tax Act, 1961, effective from April 1, 1986, to March 31, 1988. The institution must maintain separate accounts for funds received for scientific research, submit annual returns of its research activities by May 31 each year, and provide audited annual accounts by June 30 to the prescribed authority and the Central Board of Direct Taxes. Additionally, it must apply for approval extension three months before expiration to avoid rejection.