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of <h1>Salem Diocese Society Gains Tax Exemption Under Section 10(23C)(vi); Must Comply with Strict Guidelines to Maintain Status.</h1> The Salem Diocese Society, located in Salem, has been approved under Section 10(23C)(vi) of the Income-tax Act, 1961, effective from the 2009-2010 assessment year. This approval mandates the society to comply with specific conditions, including applying its income exclusively to its established objectives, limiting income accumulation, and investing funds according to specified modes. The society must also avoid income from commercial activities, audit its accounts, and file returns regularly. Upon dissolution, surplus assets must transfer to a non-profit organization. Any amendments to its rules require prior approval. The approval may be revoked if the society's activities are found non-compliant.
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