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of <h1>Income for Sant Nirankari Mandal exempt under Section 10(23C)(v) if conditions met, applies from 2007-08.</h1> Any income received on behalf of the 'Sant Nirankari Mandal' in Delhi is exempt from inclusion in total income under Section 10(23C)(v) of the Income Tax Act, 1961, subject to specific conditions. The Institution must apply its income solely to its objectives, with any accumulation beyond 15% not exceeding five years. Funds must be invested in approved forms, and business income is exempt only if incidental and separately accounted for. The Institution must file regular income tax returns, conduct audits, and ensure surplus assets are transferred to a similar organization upon dissolution. The notification applies from the 2007-08 assessment year and may be rescinded if non-compliance is found.
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