Tax exemption recognition for a football society limits fund application, investment modes, income distribution, and business scope. Notification recognizes the Durand Football Tournament Society as eligible for exemption under clause (23) of section 10 for specified years subject to conditions: income must be applied or accumulated for the society's objects in accordance with the modified provisions of section 11; investments of funds (except certain voluntary contributions held in notified tangible forms) are restricted to modes in sub-section (5) of section 11; income distribution to members is prohibited except as grants to affiliated entities; business income is excluded unless incidental and kept 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 recognition for a football society limits fund application, investment modes, income distribution, and business scope.
Notification recognizes the Durand Football Tournament Society as eligible for exemption under clause (23) of section 10 for specified years subject to conditions: income must be applied or accumulated for the society's objects in accordance with the modified provisions of section 11; investments of funds (except certain voluntary contributions held in notified tangible forms) are restricted to modes in sub-section (5) of section 11; income distribution to members is prohibited except as grants to affiliated entities; business income is excluded unless incidental and kept in separate books.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
