Tax exemption approval under clause of Income-tax Act grants institution exemption subject to annual income and disbursal reporting. Approval is granted to the Indian Society of Industrial & Fiscal Economics, Madras, by the prescribed authority for purposes of the income-tax exemption under clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961. The society must send an annual statement of income received under this exemption together with details of its disbursal, and the notification specifies the exemption's effective commencement date.