Research institution approval under section 35 requires separate research accounts and annual audited returns to tax and science authorities. Approval of M/s Central Power Research Institute, Bangalore as an Institution for clause (ii) of sub section (1) of the Income tax Act is effective 1 April 2002 to 31 March 2005 subject to conditions: maintain separate research books; furnish Annual Return of scientific research activities to the Secretary, Department of Scientific & Industrial Research by 31 May; and submit audited annual accounts and audited Income & Expenditure Account for research activities to designated tax and science authorities by 31 October each year, in addition to the return of income to the assessing officer.