Research exemption under section 35 granted with mandatory separate research accounts, annual return, audited accounts and renewal procedure. Approval to M/s Serum Institute of India Research Foundation under section 35(1) as an Association for 1 April 2001-31 March 2004 is conditional on maintaining separate research accounts, filing an annual scientific research return to the Secretary, Department of Scientific & Industrial Research by 31 May, and submitting audited annual accounts and audited income and expenditure accounts for the research activities to the Director General of Income-tax (Exemptions), the Secretary DSIR, and the Commissioner/Director of Income-tax (Exemptions) by 31 October each year, alongside the return of income.