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of <h1>Government Notifies ICAI for Tax Exemption: Conditions on Income Use, Investments, and Asset Transfer Under Section 10(23C)(iv)</h1> The Central Government, under section 10(23C)(iv) of the Income-tax Act, 1961, notifies the Institute of Chartered Accountants of India, New Delhi, for assessment years 2000-2001 to 2002-2003. The notification stipulates that the institute must apply its income exclusively to its objectives, invest funds only as specified in section 11(5), and maintain separate accounts for any business activities incidental to its objectives. Additionally, the institute must file regular income tax returns, and in case of dissolution, transfer surplus assets to a similar charitable organization.
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