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<h1>K.J. Research Foundation Gains Approval Under Section 35(1)(ii) of Income-tax Act for 1991-1992; Must Maintain Separate Accounts</h1> The K. J. Research Foundation in Madras has been approved under section 35(1)(ii) of the Income-tax Act, 1961, effective from April 1, 1991, to March 31, 1992. This approval, granted by the Director-General of Income-tax (Exemptions) and the Secretary, Department of Scientific and Industrial Research, requires the foundation to maintain separate accounts for scientific research funds, submit annual returns of research activities by May 31, and provide audited annual accounts by June 30 each year. The foundation must apply for an extension of approval three months before expiry, with applications sent to relevant authorities.