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of <h1>National Institute of Advanced Studies Gains Approval for Scientific Research Funding Under Section 35(1)(ii) of Income-tax Act 1961</h1> The National Institute of Advanced Studies in Bangalore 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 institute to receive funds for scientific research, provided they adhere to specific conditions. These include utilizing funds solely for research, conducting research through faculty or students, maintaining separate audited accounts for research funds, and submitting audit reports to the relevant tax authorities. The approval may be revoked if the institute fails to maintain proper accounts, submit required reports, or if its research activities are deemed non-genuine or non-compliant with the Act.
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