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<h1>ICAI Approved for Tax Benefits Under Section 35(1)(iii) for 2003-2006; Must Maintain Separate Audited Research Accounts</h1> The Institute of Chartered Accountants of India, New Delhi, has been approved by the Central Government under Section 35(1)(iii) of the Income-tax Act, 1961, effective from April 1, 2003, to March 31, 2006. This approval requires the organization to maintain separate accounts for its research activities and submit audited Income & Expenditure accounts for these activities to the relevant tax authorities by the due date or within 90 days of this notification. Additionally, an auditor's certificate must accompany these accounts, detailing the funds received and certifying that expenditures were for social or statistical research.