Any income received by any person on behalf of “The Clothe Market & Shops Board, 94/96, Bhuleshwar Road, Bhuleshwar, Mumbai exempted under Section 10 (23C)(iv) - 010/2007 - Income Tax Act, 1961
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Income exemption for institutions: receipts on their behalf excluded from assessable income subject to specified compliance conditions. Notification under Section 10(23C)(iv) exempts any income received by any person on behalf of The Clothe Market & Shops Board from inclusion in such person's total income, subject to conditions: income must be applied or accumulated for the institution's objects (accumulation beyond 15% limited to five years), funds invested only in modes specified by section 11(5), business income taxable unless incidental with separate books, regular filing of returns, audit by a qualified accountant with prescribed report, and surplus/assets on dissolution given to a like organization.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income exemption for institutions: receipts on their behalf excluded from assessable income subject to specified compliance conditions.
Notification under Section 10(23C)(iv) exempts any income received by any person on behalf of The Clothe Market & Shops Board from inclusion in such person's total income, subject to conditions: income must be applied or accumulated for the institution's objects (accumulation beyond 15% limited to five years), funds invested only in modes specified by section 11(5), business income taxable unless incidental with separate books, regular filing of returns, audit by a qualified accountant with prescribed report, and surplus/assets on dissolution given to a like organization.
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