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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Bakul Finechem Research Centre Gains Approval Under Section 35(1)(ii) for Tax Benefits, Must Maintain Financial Transparency</h1> The Bakul Finechem Research Centre in Bombay has been approved under section 35(1)(ii) of the Income-tax Act, 1961, effective from April 1, 1990, to March 31, 1991. This approval, granted by the Director-General of Income-tax (Exemptions) and the Secretary of the Department of Scientific and Industrial Research, requires the organization to maintain separate accounts for funds received for scientific research, submit annual returns of its activities by May 31, and provide audited financial statements by June 30 each year. The organization must apply for an extension of approval three months before expiry to the relevant tax authorities.
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