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of <h1>Mahyco Research Foundations gains approval under Section 35(1)(ii) of Income-tax Act 1961 for 1990-1991 with conditions.</h1> Mahyco Research Foundations 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. The approval is granted by the Director-General of Income-tax (Exemptions) and the Secretary, Department of Scientific and Industrial Research. The organization must maintain a separate account for funds received for scientific research, submit annual returns of its research activities by May 31 each year, and provide audited annual accounts by June 30. For extension, applications must be submitted three months before the approval's expiry.
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