Veerayatan, Rajgir, Granted Tax Exemption Under Section 10(23C)(v) of IT Act for 1993-94 to 1995-96

The Central Government has notified Veerayatan, Rajgir, under section 10(23C)(v) of the Income-tax Act, 1961, for the assessment years 1993-94 to 1995-96. The notification stipulates that the organization must apply its income solely to its established objectives and may only invest its funds in specified forms or modes, excluding voluntary contributions maintained as jewelry or furniture. Additionally, any income from business activities will only be exempt if the business is incidental to the organization's objectives and separate accounts are maintained.

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