Exemption for institutional receipts: income received on behalf of a notified religious institution excluded from total income subject to conditions. Income received by any person on behalf of the specified religious institution shall not be included in that person's total income, subject to conditions requiring exclusive application or limited accumulation of income, permitted modes of investment, business incidental test with separate books, regular filing of returns, transfer of assets on dissolution to a like organization, and audit and furnishing of the accountant's report.