Recognition as scientific research association enables tax classification subject to separate accounts and annual audited returns. Medical Research Foundation, Madras is approved as a scientific research association for income-tax recognition, subject to maintaining a separate account for research receipts, filing annual returns of research activities to the prescribed Council by 31st May in the prescribed form, and furnishing an annual audited statement of accounts to the Council by 31st May while sending a copy to the concerned Income-tax Commissioner; the approval is effective for a specified multi-year period.