Tax exemption for receipts on behalf of district labour board subject to specified compliance, investment and audit conditions Notification grants tax exemption for income received on behalf of Latur and Osmanabad District Mathadi and Unprotected Labour Board, subject to conditions: income must be applied or accumulated for the Board's objects with limited accumulation, investments restricted to prescribed modes, business income taxable unless incidental and separately accounted, regular return filing, audited accounts with prescribed audit report, and transfer of assets on dissolution to a similarly purposed organization. The relief covers only receipts on behalf of the Board and is subject to rescission if conditions or genuineness of activities are not met.
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Tax exemption for receipts on behalf of district labour board subject to specified compliance, investment and audit conditions
Notification grants tax exemption for income received on behalf of Latur and Osmanabad District Mathadi and Unprotected Labour Board, subject to conditions: income must be applied or accumulated for the Board's objects with limited accumulation, investments restricted to prescribed modes, business income taxable unless incidental and separately accounted, regular return filing, audited accounts with prescribed audit report, and transfer of assets on dissolution to a similarly purposed organization. The relief covers only receipts on behalf of the Board and is subject to rescission if conditions or genuineness of activities are not met.
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