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of <h1>Govt Notifies Chief Khalsa Diwan for Tax Exemption Under Section 10(23C) for 1988-91, Stipulates Fund Use Conditions</h1> The Central Government has issued Notification No. S.O.1278, dated March 30, 1993, under sub-clause (v) of clause (23C) of section 10 of the Income-tax Act, 1961, to notify Chief Khalsa Diwan, Amritsar, for the assessment years 1988-89 to 1990-91. The notification stipulates that the income must be applied or accumulated exclusively for the organization's established objectives. Funds must be invested according to specified modes in section 11(5), excluding voluntary contributions in certain forms. The notification excludes income from business profits unless the business supports the organization's objectives and separate accounts are maintained.
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