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of <h1>Government Approves Organization for Research Activities Under Section 35 of Income-tax Act 1961, Requires Annual Reporting</h1> The Central Government has approved an organization for the period from April 1, 2000, to March 31, 2003, under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, for its research activities. The organization must maintain separate accounts for its research, submit annual returns of its scientific research activities by May 31 each year, and provide audited accounts and income statements by October 31 each year to relevant authorities. The organization is advised to apply for renewal of approval in triplicate and in advance through the appropriate tax authorities.
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