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of <h1>Income for Punjab Infrastructure Development Board Exempt from Tax Under Section 10(23C)(iv) With Conditions</h1> Any income received on behalf of the Punjab Infrastructure Development Board, Chandigarh, is exempt from inclusion in total income under Section 10(23C)(iv) of the Income Tax Act, 1961. This exemption is subject to conditions: the income must be applied to the institution's objectives, with limited accumulation; funds must be invested as specified; business income must be incidental and separately accounted; regular income tax returns must be filed; in case of dissolution, surplus assets go to similar organizations; and accounts must be audited. The notification applies from the 2006-07 assessment year and can be rescinded if conditions are not met.
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