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<h1>Government Approves Organization Under Section 35(1)(ii) for Tax Benefits; Must Submit Annual Research and Financial Reports</h1> The Central Government has approved an organization under section 35(1)(ii) of the Income Tax Act, 1961, for the period from April 1, 2001, to March 31, 2004. The organization must maintain separate accounts for research activities and submit annual returns of its scientific research to the Department of Scientific & Industrial Research by May 31 each year. Additionally, it must provide audited annual accounts and income and expenditure statements to relevant tax authorities by October 31 each year. The organization is advised to apply for renewal of approval in triplicate and in advance through the appropriate tax authorities.