Tax exemption for charitable association governed by conditions on income application, investments, member distributions and business accounting. Notification notifies the Chandigarh Lawn Tennis Association as eligible for exemption under clause (23) of section 10 for assessment years 1991-92 to 1993-94, subject to conditions: application or accumulation of income in accordance with modified sections 11(2) and 11(3) for objects; investment only in forms specified by section 11(5) except certain voluntary contributions; prohibition on income distribution to members except as grants to affiliated institutions; and exclusion of business income unless incidental and maintained in separate books.
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Tax exemption for charitable association governed by conditions on income application, investments, member distributions and business accounting.
Notification notifies the Chandigarh Lawn Tennis Association as eligible for exemption under clause (23) of section 10 for assessment years 1991-92 to 1993-94, subject to conditions: application or accumulation of income in accordance with modified sections 11(2) and 11(3) for objects; investment only in forms specified by section 11(5) except certain voluntary contributions; prohibition on income distribution to members except as grants to affiliated institutions; and exclusion of business income unless incidental and maintained in separate books.
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