Research organisation approval under section 35 enables tax-exempt treatment subject to accounting and annual reporting requirements. Approval to M/s. Vision Research Foundation, Chennai, under section 35(1)(ii) as an Association is effective 1 April 2003-31 March 2006, subject to maintaining separate research accounts and furnishing an Annual Return to the Secretary, Department of Scientific & Industrial Research by 31 May. The organisation must also submit, by 31 October each year, audited annual accounts and audited income & expenditure accounts for the research activities to designated Income-tax Exemptions offices and the DSIR, in addition to its income-tax return, and follow prescribed renewal application procedures.