Income-tax exemption for specified public boards, funds and registered non-profits, subject to registration and compliance conditions. Entities and funds specified in the Seventh Schedule to the Direct Taxes Code, 2010 are exempt from income-tax, including statutory commodity and development boards, regulatory authorities, government-established corporations, approved employee welfare and pension funds, and local statutory bodies. Electoral trusts meeting distribution conditions and registered non-profit organisations for public religious or charitable purposes qualify for exemption subject to registration, application of income for public benefit, prescribed investment modes, audit requirements where receipts exceed a threshold, and prohibition on benefits to interested persons.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income-tax exemption for specified public boards, funds and registered non-profits, subject to registration and compliance conditions.
Entities and funds specified in the Seventh Schedule to the Direct Taxes Code, 2010 are exempt from income-tax, including statutory commodity and development boards, regulatory authorities, government-established corporations, approved employee welfare and pension funds, and local statutory bodies. Electoral trusts meeting distribution conditions and registered non-profit organisations for public religious or charitable purposes qualify for exemption subject to registration, application of income for public benefit, prescribed investment modes, audit requirements where receipts exceed a threshold, and prohibition on benefits to interested persons.
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