Tax exemption under section 10(23C)(iv) notified for a society, subject to application, investment and accounting conditions. Notification designates The Gujarat Relief Society, Calcutta as eligible for exemption under clause (23C)(iv) of section 10 for assessment years 1991-92 and 1992-93, subject to conditions: income must be applied or accumulated solely for the society's objects; investments (except certain voluntary contributions in kind) must be in forms specified in section 11(5); and business income is excluded unless incidental to charitable objects with separate books maintained.
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Tax exemption under section 10(23C)(iv) notified for a society, subject to application, investment and accounting conditions.
Notification designates The Gujarat Relief Society, Calcutta as eligible for exemption under clause (23C)(iv) of section 10 for assessment years 1991-92 and 1992-93, subject to conditions: income must be applied or accumulated solely for the society's objects; investments (except certain voluntary contributions in kind) must be in forms specified in section 11(5); and business income is excluded unless incidental to charitable objects with separate books maintained.
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