Research institution approval under Section 35 requires separate research accounts and annual audited submissions to designated authorities. Approval is granted to M/s Centre for Policy Research as an Institution under clause (iii) of sub section (1) of section 35, subject to maintaining separate books for research activities, furnishing an annual return of scientific research activities to the designated scientific authority by 31 May, and submitting audited annual accounts and audited income & expenditure accounts for the exempted research activities to the tax exemption office, the scientific authority and the jurisdictional tax commissioner/director by 31 October, in addition to filing the return of income to the designated assessing officer.