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<h1>Madras Institute Approved for Tax Benefits Under Section 35(1)(iii) for Research; Must Comply with Reporting Rules</h1> The Madras Institute of Development Studies 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, effective from April 1, 1990, 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 annual accounts by June 30 to specified authorities. The institute must apply for approval extension three months before expiry, with specific procedures for exceptional cases.