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of <h1>Medical Research Foundation Gains Tax Approval Under Section 35(1)(ii) for Funding, Effective April 1, 2007</h1> The Foundation for Medical Research in Mumbai has been approved by the Central Government under Section 35(1)(ii) of the Income-tax Act, 1961, effective from April 1, 2007. This approval allows the organization to receive funds for scientific research, which must be utilized accordingly. The organization is required to maintain separate accounts for research funds, conduct audits, and submit reports to the relevant tax authorities. Failure to comply with these conditions, including maintaining accurate accounts and continuing genuine research activities, may result in the withdrawal of this approval by the Central Government.
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