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of <h1>Organization in Madras Notified Under Section 10(23C)(v) for Tax Benefits, Must Adhere to Specific Income and Investment Rules.</h1> The Central Government has notified an organization based in Madras under section 10(23C)(v) of the Income-tax Act, 1961, applicable for assessment years 1989-90 to 1991-92. The notification mandates that the organization must apply its income solely for its established objectives and restricts investment of funds to specified forms unless they are voluntary contributions in forms like jewelry or furniture. Additionally, any business income must be incidental to the organization's objectives, with separate accounting maintained for such activities.
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