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of <h1>National Horticulture Research Foundation Gains Section 35(1)(ii) Approval for Scientific Research Funding from April 1, 2008</h1> The National Horticulture Research and Development Foundation in Nasik has been approved by the Central Government under section 35(1)(ii) of the Income-tax Act, 1961, effective from April 1, 2008. This approval allows the organization to receive funds for scientific research, which must be conducted by its faculty or students. The organization is required to maintain separate accounts for these funds, have them audited, and submit the audit report to the relevant tax authorities. Failure to comply with these conditions, including maintaining separate accounts and submitting audit reports, may result in the withdrawal of approval by the Central Government.
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