Tax exemption recognition for professional institute conditioned on exclusive application of income, filing returns and compliance. Notification grants tax-exempt recognition to the Institute of Chartered Accountants of India under section 10(23C)(iv) for specified assessment years subject to conditions: income must be applied wholly and exclusively to its objects; funds may only be invested in modes specified in section 11(5) (excluding certain voluntary contributions held as jewellery or furniture); business income is excluded unless incidental and separately accounted; regular filing of income-tax returns is required; and on dissolution surplus assets must transfer to a charitable organisation with similar objectives.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption recognition for professional institute conditioned on exclusive application of income, filing returns and compliance.
Notification grants tax-exempt recognition to the Institute of Chartered Accountants of India under section 10(23C)(iv) for specified assessment years subject to conditions: income must be applied wholly and exclusively to its objects; funds may only be invested in modes specified in section 11(5) (excluding certain voluntary contributions held as jewellery or furniture); business income is excluded unless incidental and separately accounted; regular filing of income-tax returns is required; and on dissolution surplus assets must transfer to a charitable organisation with similar objectives.
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