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of <h1>Institute of Management Development Approved for Tax Exemption Under Section 35(1)(iii) for Scientific Research Funding</h1> The Institute of Management Development in Lucknow has been approved under section 35(1)(iii) 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 requires the organization to maintain separate accounts for scientific research funds, submit annual returns of its research activities by May 31, and provide audited accounts by June 30 each year. This approval is valid from April 1, 1991, to March 31, 1991. The organization must apply for an extension three months before the approval expires, with specific procedures for exceptional cases.
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