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of <h1>Indian Academy of Science, Bangalore, Gains Tax Exemption Approval Under Section 35(1)(ii) of Income-tax Act, 1961</h1> The Central Government has approved the Indian Academy of Science, Bangalore, under Section 35(1)(ii) of the Income-tax Act, 1961, for tax exemption purposes from Assessment Year 2010-11 onwards. This approval is contingent upon the organization using funds for scientific research, conducting research through its faculty or students, maintaining separate audited accounts for research funds, and providing a certified statement of donations and their application. The approval may be withdrawn if the organization fails to meet these conditions, ceases genuine research activities, or does not comply with the relevant provisions of the Act and Rules.
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