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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Religious Institutions' Income Exempt from Tax Under Section 10(23C)(v) with Specific Conditions</h1> The Central Government has issued a notification exempting any income received on behalf of a religious institution from being included in the total income of the recipient, under Section 10(23C)(v) of the Income-tax Act, 1961. This exemption is subject to conditions: the institution must apply its income solely to its objectives, limit income accumulation to five years if exceeding 15%, invest funds only in approved modes, and maintain separate accounts for any incidental business. The institution must also file regular tax returns, undergo audits, and ensure asset transfer to similar organizations upon dissolution. The notification applies from the 2005-06 assessment year and may be rescinded if the institution's activities are deemed non-genuine.
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