Research institution approval requires separate research accounts and annual audited returns to tax and science departments. Approval to M/s. Kelkar Education Trust as an Institution for purposes of clause (ii) of sub section (1) of section 35 is subject to maintaining separate books for research, filing an annual return of scientific research activities with the Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited income & expenditure accounts for research to designated tax and scientific authorities by 31 October, in addition to the return of income to the assessing officer.