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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income for Nathdwara Temple Board Exempt Under Section 10(23C)(v) If Used Solely for Institutional Objectives</h1> Any income received by individuals on behalf of the Nathdwara Temple Board in Rajasthan is exempt from inclusion in their total income under Section 10(23C)(v) of the Income-tax Act, 1961. Conditions for this exemption include the application of income solely for the institution's objectives, restrictions on fund investments, and maintaining separate accounts for any incidental business income. The institution must file regular income tax returns, undergo audits, and ensure that assets are transferred to a similar organization upon dissolution. This notification applies from the assessment year 2008-09 onwards and may be rescinded if the institution's activities are found to be non-compliant.
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