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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income for 'Chen Women Development Society' in Nagaland exempt from tax under Section 10(23C)(iv) of Income-tax Act.</h1> Income received on behalf of the 'Chen Women Development Society' in Nagaland is exempt from income tax under Section 10(23C)(iv) of the Income-tax Act, 1961, as per Notification No. 63/2007 dated February 28, 2007. The exemption is conditional on the institution applying its income to its objectives, not accumulating more than 15% of its income for over five years, and investing funds according to specified modes. The institution must file regular tax returns, maintain separate accounts for any incidental business, and ensure audited accounts. The notification applies from the assessment year 2006-07 onwards and may be rescinded if the institution's activities are not genuine.
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