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of <h1>Kamyani Udyog Kendra Society gains approval for tax benefits under Section 35(1)(ii) of Income-tax Act 1961.</h1> The Kamyani Udyog Kendra Society, Pune, has been approved by the Department of Scientific and Industrial Research, New Delhi, under section 35(1)(ii) of the Income-tax Act, 1961, effective from April 1, 1988, to March 31, 1989. The approval requires the society to maintain separate accounts for scientific research funds, submit annual returns of research activities by May 31 each year, and provide audited financial statements by June 30 each year to the prescribed authorities. Additionally, the society must apply for an extension of approval before its expiry to avoid rejection.
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