Tax exemption approval for charitable society subject to strict compliance, investment limits, accumulation rules and anonymous donation restrictions. Approval under Section 10(23C)(v) is granted to The Salem Diocese Society from assessment year 2009-2010 subject to conditions: income must be applied or accumulated only for its objects with limited accumulation periods; funds must be invested only in modes allowed by Section 11(5); income from trade or commercial activities is excluded; audits and returns must be filed as required; anonymous donations are excluded; surplus on dissolution must transfer to an exclusively charitable organization; and prior approval is required for bylaw amendments.
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 approval for charitable society subject to strict compliance, investment limits, accumulation rules and anonymous donation restrictions.
Approval under Section 10(23C)(v) is granted to The Salem Diocese Society from assessment year 2009-2010 subject to conditions: income must be applied or accumulated only for its objects with limited accumulation periods; funds must be invested only in modes allowed by Section 11(5); income from trade or commercial activities is excluded; audits and returns must be filed as required; anonymous donations are excluded; surplus on dissolution must transfer to an exclusively charitable organization; and prior approval is required for bylaw amendments.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
