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of <h1>Guidelines for Processing Applications u/s 10(23C)(v) and Ensuring Compliance with 5% Religious Expenditure Limit.</h1> The circular provides guidelines for processing applications under Section 10(23C)(v) of the Income Tax Act, 1961, which exempts income of trusts or institutions wholly for public religious or charitable purposes. It emphasizes the mutual exclusivity of Sections 10(23C)(v) and 80G, with Section 80G excluding purposes that are substantially religious. The Finance Act introduced a provision allowing institutions with up to 5% religious expenditure to benefit under Section 80G. The circular instructs officers to ensure that institutions do not exceed this 5% limit, and if they do, to take remedial action. Officers are required to report any such findings.
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