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of <h1>Institute of Road Transport Taramani Approved for Tax Benefits Under Section 35(1)(ii) of Income-tax Act 1961</h1> The Central Government has approved M/s The Institute of Road Transport Taramani, Chennai, for the period from April 1, 2001, to March 31, 2004, under section 35(1)(ii) of the Income-tax Act, 1961. The institution must maintain separate accounts for research activities and submit annual returns of its scientific research to the Department of Scientific & Industrial Research by May 31 each year. Additionally, audited annual accounts and income & expenditure accounts must be submitted to relevant tax authorities by October 31 annually. The institution is advised to apply for renewal of approval in advance through the designated tax authorities.
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