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of <h1>Income for G.C.Y.M Charity Trust is tax-exempt under Section 10(23C)(iv) if conditions are met.</h1> Income received on behalf of G.C.Y.M Charity Trust, Nagaland, is exempt from inclusion in total income under Section 10(23C)(iv) of the Income Tax Act, 1961, subject to specific conditions. The trust must apply its income exclusively to its objectives, with any accumulation over 15% not exceeding five years. Funds must be invested as per Section 11(5), and business income is exempt only if incidental to the trust's objectives with separate accounts maintained. The trust must file regular tax returns and have its accounts audited. The notification applies from the 2007-08 assessment year and may be rescinded if conditions are not met.
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