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of <h1>Loyola Academy Gains Tax Exemption for Scientific Research Under Section 35(1)(ii) of Income-tax Act 1961</h1> The notification announces that Loyola Academy in Hyderabad has been approved by the Secretary, Department of Science & Technology, New Delhi, for exemption under section 35(1)(ii) of the Income-tax Act, 1961. This approval is valid from April 1, 1976, to March 31, 1979. The academy is required to maintain separate accounts for funds received for scientific research in natural and applied sciences, excluding agriculture, animal husbandry, fisheries, and medicine. Additionally, Loyola Academy must submit annual returns of their scientific research activities to the prescribed authority for each financial year.
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