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of <h1>Indian Register of Shipping Approved for Research Under Section 35(1)(ii) of Income-tax Act, 1961</h1> The Indian Register of Shipping, Mumbai, has been approved by the Central Government under Section 35(1)(ii) of the Income-tax Act, 1961, effective from April 1, 2003, as an institution partly engaged in research activities. The organization must utilize funds for scientific research, conduct research through faculty or students, maintain audited accounts, and submit reports to tax authorities. It must also keep a separate statement of donations and their application for research, certified by an auditor. Approval may be withdrawn if the organization fails to comply with these requirements or if its research activities are deemed non-genuine.
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