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of <h1>Income for 'Institution' exempt from tax under Section 10(23C)(iv) if conditions met, including income application and investment rules.</h1> Income received on behalf of the 'Institution' is exempt from income tax under Section 10(23C)(iv) of the Income-tax Act, 1961, subject to specific conditions. The Institution must apply its income solely to its objectives, with any accumulation over 15% not exceeding five years. Funds must be invested according to Section 11(5), and business income is only exempt if incidental to its objectives with separate accounts. The Institution must file regular tax returns, audit its accounts, and ensure surplus assets go to similar organizations upon dissolution. This exemption applies from the assessment year 2006-07 onwards and may be rescinded if conditions are not met.
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