Tax exemption for charitable trusts conditioned on exclusive income application and prescribed investment and distribution limits. Notification grants the trust recognition under section 10(23) subject to conditions: income must be applied or accumulated exclusively for its objects under section 11 as modified; investments and deposits are restricted to statutory forms and modes with limited exceptions for specified tangible voluntary contributions; distributions to members are prohibited except as grants to affiliated bodies; business income is excluded unless incidental to objectives and accounted for in separate books.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption for charitable trusts conditioned on exclusive income application and prescribed investment and distribution limits.
Notification grants the trust recognition under section 10(23) subject to conditions: income must be applied or accumulated exclusively for its objects under section 11 as modified; investments and deposits are restricted to statutory forms and modes with limited exceptions for specified tangible voluntary contributions; distributions to members are prohibited except as grants to affiliated bodies; business income is excluded unless incidental to objectives and accounted for in separate books.
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