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<h1>Eye Research Foundation Approved for Tax Benefits Under Section 35(1)(ii); Must Submit Audited Accounts Annually</h1> The Eye Research Foundation, Chennai, has been approved by the Central Government under Section 35(1)(ii) of the Income-tax Act, 1961, for the period from April 1, 2005, to March 31, 2008. The approval requires the organization to maintain separate accounts for its research activities and submit audited Income & Expenditure accounts annually. These accounts must be submitted to the relevant tax authorities by the due date for filing income returns or within 90 days of the notification date. Additionally, an auditor's certificate must accompany these accounts, detailing the funds received for scientific research and confirming that the expenditures were for research purposes.