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of <h1>Foundation Notified Under Section 10(23C)(iv) for Tax Exemption; Must Comply with Section 11(5) Investment Rules</h1> The Central Government has notified a foundation in Mumbai under section 10(23C)(iv) of the Income-tax Act, 1961, for the assessment years 1999-2000 to 2001-2002. The notification specifies that the foundation must apply its income solely to its established objectives and restrict its investments to certain forms as per section 11(5). Additionally, the notification excludes profits and gains from business activities unless such business is incidental to the foundation's objectives and is accounted for separately.
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