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of <h1>Income for National Culture Fund Exempted from Tax Under Section 10(23C)(iv) with Specific Conditions</h1> The Central Government has issued a notification exempting any income received on behalf of the National Culture Fund, Ministry of Tourism & Culture, from being included in the total income under Section 10(23C)(iv) of the Income-tax Act, 1961. This exemption is subject to conditions: the income must be used exclusively for the institution's objectives, with accumulation limits; funds must be invested in specified modes; business income must be incidental and separately accounted; regular income tax returns must be filed; accounts must be audited; and, upon dissolution, assets must transfer to a similar organization. The notification applies from the assessment year 2003-04 onwards and can be rescinded if the institution's activities are not genuine.
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