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of <h1>NFTDC Gains Approval Under Section 35(1)(ii) of Income-tax Act; Must Follow Specific Reporting and Accounting Requirements</h1> The Non-Ferrous Materials Technology Development Centre (NFTDC) in Hyderabad 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 is valid from November 9, 1990, to March 31, 1991. NFTDC must 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. For extension, NFTDC should apply three months before the approval expires, with applications sent to relevant authorities.
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