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of <h1>Indchem Lab Approved Under Section 35(1)(ii) for 1989-1990; Must Maintain Separate Accounts and Submit Annual Returns</h1> Indchem Research and Development Laboratory in Madras has been approved under section 35(1)(ii) of the Income-tax Act, 1961, for the period from April 1, 1989, to March 31, 1990. The approval is granted by the Director-General (Income-tax Exemptions) in agreement with the Secretary of the Department of Scientific and Industrial Research. The laboratory must maintain separate accounts for scientific research funds, submit annual returns of research activities by May 31, and provide audited financial accounts by June 30 each year. Applications for approval extension must be submitted three months before expiry.
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