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of <h1>BAIF Development Research Foundation Approved Under Section 35(1) for Tax Benefits; Must Submit Annual Audited Accounts</h1> The Central Government has approved M/s BAIF Development Research Foundation under section 35(1) of the Income-tax Act, 1961, effective from April 1, 2001, to March 31, 2004. This approval, under the category 'Association,' requires the organization to maintain separate accounts for research activities and submit annual returns to relevant authorities by specified deadlines. The organization must also provide audited accounts and income statements to designated officials by October 31 each year. For renewal, applications should be submitted in triplicate to the Central Government through the appropriate tax authorities and directly to the Department of Scientific and Industrial Research.
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