Tax exemption notification for a charitable society contingent on exclusive application of income and statutory compliance. Notification grants tax exemption status to Asha Dham Ashram Society subject to conditions: exclusive application or accumulation of income for charitable objects; investment limited to legally permitted modes; business income only exempt if incidental and recorded in separate books; regular filing of income-tax returns; and transfer of surplus assets on dissolution to a similar charitable organization. The notification applies only to receipts on behalf of the society and taxability of income will be determined under the Income-tax Act.
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 notification for a charitable society contingent on exclusive application of income and statutory compliance.
Notification grants tax exemption status to Asha Dham Ashram Society subject to conditions: exclusive application or accumulation of income for charitable objects; investment limited to legally permitted modes; business income only exempt if incidental and recorded in separate books; regular filing of income-tax returns; and transfer of surplus assets on dissolution to a similar charitable organization. The notification applies only to receipts on behalf of the society and taxability of income will be determined under the Income-tax Act.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
