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of <h1>Madras School of Economics Gains Approval Under Section 35 of Income-tax Act, 1961, with Strict Reporting Requirements</h1> M/s Madras School of Economics has been approved by the Central Government under sub-section (1) of section 35 of the Income-tax Act, 1961, for the period from April 1, 2002, to March 31, 2005. The approval is contingent upon maintaining separate books of accounts for research activities, submitting an annual return of scientific research activities to the Department of Scientific & Industrial Research by May 31 each year, and providing audited annual accounts and income & expenditure accounts to relevant authorities by October 31 each year. Institutions must apply for renewal in triplicate well in advance through the appropriate tax authorities.
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