Any income received by any person on behalf of “Population services International, C-445, Chittranjan Park, New Delhi exempted under Section 10 (23C)(iv) - 018/2007 - Income Tax Act, 1961
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Tax exemption for institution receipts conditioned on exclusive application of income, permitted investments, accounting, and audit compliance. Notification grants tax exemption for income received by any person on behalf of Population Services International provided specified conditions are met: income must be applied or properly accumulated for the institution's objects with limits on accumulation; funds must be invested in forms permitted by section 11(5) (except limited in-kind voluntary contributions); business income is exempt only if incidental and separately accounted; the institution must file returns regularly, furnish an accountant's audit report with the return, and transfer surplus assets on dissolution to a similar organization.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption for institution receipts conditioned on exclusive application of income, permitted investments, accounting, and audit compliance.
Notification grants tax exemption for income received by any person on behalf of Population Services International provided specified conditions are met: income must be applied or properly accumulated for the institution's objects with limits on accumulation; funds must be invested in forms permitted by section 11(5) (except limited in-kind voluntary contributions); business income is exempt only if incidental and separately accounted; the institution must file returns regularly, furnish an accountant's audit report with the return, and transfer surplus assets on dissolution to a similar organization.
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