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<h1>Petroleum Conservation Research Association approved for tax benefits under Section 35(1)(ii) of Income-tax Act, 1961.</h1> The Petroleum Conservation Research Association, New Delhi, has been approved by the Central Government for the purpose of Section 35(1)(ii) of the Income-tax Act, 1961, for the period from April 1, 2003, to March 31, 2006. The organization must maintain separate accounts for its research activities and submit audited Income & Expenditure accounts annually to the relevant tax authorities. Additionally, a certificate from the auditor must be included, detailing the amounts received for scientific research and confirming that the expenditures were for scientific research purposes.