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of <h1>Medical Research Foundation Approved Under Section 35(1)(iii) for Tax Benefits from 2004-2007, Must Submit Audited Accounts Annually.</h1> Organization M/s. The Foundation for Medical Research, Mumbai, has been approved by the Central Government under Section 35(1)(iii) of the Income-tax Act, 1961, for the period from April 1, 2004, to March 31, 2007. This approval is granted under the category of 'other institution' partly engaged in research activities. The organization must maintain separate accounts for its research activities and submit audited Income & Expenditure accounts annually to the relevant tax authorities. Additionally, an auditor's certificate must accompany these accounts, specifying the funds received for scientific research and confirming that the expenses incurred were for scientific research purposes.
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