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of <h1>Mother India Educational Society Gains Tax Exemption Under Section 10(23C)(vi), Must Follow Strict Income and Investment Rules</h1> The Central Government has notified the Mother India Educational Society, Mumbai, under section 10(23C)(vi) of the Income-tax Act, 1961, for the assessment years 1999-2000 to 2001-2002. The society must apply its income exclusively for its established objectives and adhere to specific investment guidelines as per section 11(5). Profits from business activities are exempt only if incidental to its objectives, with separate accounts maintained. The society is required to file regular income tax returns and, upon dissolution, must transfer surplus assets to a similar charitable organization. Non-compliant investments must be rectified by March 31, 2001.
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