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of <h1>Research Centre Gains Approval Under Section 35(1)(ii) of Income-tax Act; Must Submit Annual Returns and Audited Accounts</h1> The Shri A. M. M. Murugappa Chettiar Research Centre in Madras has been approved under section 35(1)(ii) of the Income-tax Act, 1961, by the Department of Scientific and Industrial Research, New Delhi. This approval, effective from April 1, 1988, to March 31, 1989, requires the Centre to maintain separate accounts for research funds, submit annual returns of research activities by May 31, and provide audited accounts and balance sheets by June 30 each year. Additionally, the Centre must apply for approval extension before its expiration to avoid rejection.
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