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of <h1>Aspee Research Institute Approved for Tax Benefits Under Section 35(1)(ii) of Income-tax Act, 1961 for One Year</h1> The Aspee Research Institute, located in Bombay, has been approved by the Department of Scientific and Industrial Research for the purposes of section 35(1)(ii) of the Income-tax Act, 1961. This approval is effective from April 1, 1988, to March 31, 1989. The institute must maintain separate accounts for funds received for scientific research, submit annual returns of its activities by May 31 each year, and provide audited accounts and balance sheets by June 30 each year to the prescribed authority and relevant tax authorities. The institute must apply for approval extension before its expiry to avoid rejection.
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