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of <h1>Jallianwala Bagh Trust's Income Tax Exemption Explained: Conditions and Compliance Under Section 10(23C)(iv) of the Income-tax Act.</h1> Income received on behalf of the Jallianwala Bagh National Memorial Trust, Amritsar, is exempt from income tax under Section 10(23C)(iv) of the Income-tax Act, 1961, subject to certain conditions. The Trust must apply its income exclusively for its established objectives, limit accumulation beyond 15% to five years, and invest funds as specified. Business income is exempt only if incidental to its objectives with separate accounts maintained. The Trust must file regular tax returns, undergo audits, and ensure surplus assets are transferred to similar organizations upon dissolution. This exemption applies from the assessment year 2007-08 onward and can be rescinded if conditions are not met.
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