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of <h1>Aspee Research Institute Gains Approval Under Section 35(1)(ii) of Income-tax Act for Scientific Research Funding</h1> The Aspee Research Institute in Bombay has been approved under section 35(1)(ii) of the Income-tax Act, 1961, by the Director-General of Income-tax (Exemptions) and the Secretary, Department of Scientific and Industrial Research. This approval, effective from April 1, 1991, to March 31, 1991, requires the institute to maintain separate accounts for scientific research funds, submit annual research activity returns by May 31, and provide audited financial accounts by June 30 each year. The institute must apply for approval extension three months before expiration and send six copies of the application to the Department of Scientific and Industrial Research.
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