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of <h1>Government Approves Organization for Scientific Research Under Section 35 of Income-tax Act, 1961; Renewal Process Outlined.</h1> The Central Government has approved an organization under section 35 of the Income-tax Act, 1961, for a specified period as an 'Institution' for scientific research purposes. The organization must maintain separate accounts for its research activities, submit annual returns of its scientific research to the Department of Scientific & Industrial Research by May 31 each year, and provide audited annual accounts to relevant tax authorities by October 31. The organization is also advised to apply for renewal of approval well in advance, submitting applications to both the Commissioner of Income Tax and the Department of Scientific and Industrial Research.
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