Tax exemption under section 10(23C)(iv) conditioned on exclusive application of income and specified investment limits for notified foundation Notifies the C. P. Ramaswami Aiyar Foundation as eligible under section 10(23C)(iv) subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; investments limited to forms permitted by section 11(5) (excluding certain voluntary contributions maintained as jewellery, furniture, etc.); and business income is excluded from the notification unless incidental to objectives with separate books of account maintained.
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Tax exemption under section 10(23C)(iv) conditioned on exclusive application of income and specified investment limits for notified foundation
Notifies the C. P. Ramaswami Aiyar Foundation as eligible under section 10(23C)(iv) subject to conditions: income must be applied or accumulated wholly and exclusively for its objects; investments limited to forms permitted by section 11(5) (excluding certain voluntary contributions maintained as jewellery, furniture, etc.); and business income is excluded from the notification unless incidental to objectives with separate books of account maintained.
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