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of <h1>SRM Institute in Chennai Approved Under Section 23C(iv) for Tax Exemption, Effective from 2009-10, With Specific Conditions</h1> The SRM Institute of Science & Technology in Chennai has been approved under Section 23C(iv) of the Income-tax Act, 1961, effective from the assessment year 2009-10. This approval mandates that the institute apply its income solely for its established objectives, with any accumulation not exceeding five years. Investments must align with specified modes under section 11(5), and accounts must be audited and returns filed per section 139(4C). Upon dissolution, assets must benefit an educational organization, not individuals. The approval excludes income from commercial activities and anonymous donations. Non-compliance with these conditions may lead to withdrawal of approval.
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