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of <h1>Central Government Recognizes Chief Khalsa Diwan for Tax Exemption; Income Must Align with Objectives Under Section 10(23C)(v)</h1> The Central Government has issued a notification under section 10(23C)(v) of the Income-tax Act, 1961, recognizing Chief Khalsa Diwan, Amritsar, for the assessment years 1991-92 to 1993-94. The notification stipulates that the organization must apply its income solely to its established objectives and restricts investment of its funds to specified forms or modes under section 11(5), excluding voluntary contributions in forms like jewelry or furniture. Additionally, the notification excludes income from business profits unless the business is incidental to the organization's objectives with separate accounts maintained.
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