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of <h1>Government Recognizes Religious Institution for Tax Exemption Under Section 10(23C)(v) for 1996-1999 Assessment Years</h1> The Central Government has issued Notification No. 607, dated February 8, 2000, under section 10(23C)(v) of the Income-tax Act, 1961, recognizing 'Srimadujjayini Saddharma Simhasana Sri Taralbalu Jagadguru Brihanmath' in Karnataka for the assessment years 1996-1997 to 1998-1999. The notification stipulates that the entity must use its income exclusively for its established objectives, invest funds according to specified modes, maintain separate accounts for any business-related income, and regularly file income tax returns. The notification excludes income from business profits incidental to its objectives.
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