Tax exemption notification for welfare board confirmed subject to conditions on application, investments and business income. Notification designates West Bengal Labour Welfare Board, Calcutta, as qualifying under clause (23C)(v) of section 10 for the assessment years specified, subject to conditions: (i) income must be applied or accumulated wholly and exclusively to its objects; (ii) funds (other than certain voluntary contributions held in tangible forms) must not be invested or deposited except in modes specified in section 11(5); and (iii) the notification does not cover business income unless the business is incidental and separate books are maintained.
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Tax exemption notification for welfare board confirmed subject to conditions on application, investments and business income.
Notification designates West Bengal Labour Welfare Board, Calcutta, as qualifying under clause (23C)(v) of section 10 for the assessment years specified, subject to conditions: (i) income must be applied or accumulated wholly and exclusively to its objects; (ii) funds (other than certain voluntary contributions held in tangible forms) must not be invested or deposited except in modes specified in section 11(5); and (iii) the notification does not cover business income unless the business is incidental and separate books are maintained.
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