Institutional approval under income tax permits research-related tax recognition contingent on annual reporting and audited accounts. Approval is granted to the Gujarat Institute of Area Planning as an Institution for income-tax research purposes for the period 1st April, 1988 to 31st March, 1989, subject to conditions requiring a separate account for research receipts, annual research returns by 31st May in prescribed forms, submission of audited accounts and balance-sheet by 30th June to the prescribed authority with copies to the central tax authorities, and timely application for extension of approval before expiry.