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of <h1>Income of Latur & Ormanabad Labour Board Exempted Under Section 10(23C)(vi) with Conditions from 2007-08 Onwards</h1> The Chief Commissioner of Income Tax, Nashik, has issued a notification under Section 10(23C)(vi) of the Income-tax Act, 1961, exempting the income received on behalf of the Latur and Ormanabad District Mathadi and Unprotected Labour Board from being included in the total income of such recipients. Conditions for this exemption include applying income exclusively to the Board's objectives, limiting income accumulation beyond 15% for no more than five years, investing funds as specified, maintaining separate business accounts, filing regular income returns, and auditing accounts. The notification applies from the assessment year 2007-08 onwards and can be rescinded if the Board's activities are found non-genuine.
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