Gujarat Industrial Research Lab Approved for Scientific Research Under Section 35(1)(ii) of Income-tax Act 1961

The Gujarat Industrial Research and Development Agency, Industrial Research Laboratory in Baroda, has been approved under section 35(1)(ii) of the Income-tax Act, 1961, for scientific research. The approval, effective from April 1, 1988, to March 31, 1989, requires the institution to maintain separate accounts for research funds, submit annual research activity returns by May 31, and provide audited financial statements by June 30 each year. The institution must also apply for approval extension before expiry to avoid rejection. The notification is issued by the Department of Scientific and Industrial Research, New Delhi.