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<h1>Research Institution Gains Approval Under Section 35(1)(iii) of Income-Tax Act; Must Meet Reporting and Accounting Requirements</h1> The Centre for Research in Rural and Industrial Development, Chandigarh, has been approved by the Department of Scientific and Industrial Research under section 35(1)(iii) of the Income-tax Act, 1961, effective from April 1, 1988, to March 31, 1989. The institution must maintain separate accounts for funds received for scientific research, submit annual returns of research activities by May 31 each year, and provide audited annual accounts and balance sheets by June 30 to the prescribed authority, Central Board of Direct Taxes, and other relevant authorities. Applications for further approval extension must be submitted before the current approval expires.