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of <h1>Institute Approved for Scientific Research under Section 35(1)(ii) of Income-tax Act, 1961, Excluding Certain Fields</h1> The Institute of Financial Management and Research in Madras has been approved under section 35(1)(ii) of the Income-tax Act, 1961, for scientific research in natural and applied sciences, excluding agriculture, animal husbandry, fisheries, and medicine. This approval, effective from April 1, 1981, to March 31, 1984, requires the institute to maintain separate accounts for research funds, submit annual returns of research activities by April 30, and provide audited financial statements by June 30 each year to the prescribed authority and the Commissioner of Income-tax.
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