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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income for Mysore religious institutions is tax-exempt under Section 10(23C)(v), subject to compliance with specific conditions.</h1> Income received on behalf of a religious institution in Mysore is exempt from inclusion in the total income of the recipient under Section 10(23C)(v) of the Income-tax Act, 1961, as per Notification No. 64/2007 dated February 28, 2007. The exemption is contingent upon conditions such as the application of income to the institution's objectives, investment restrictions, and regular filing of tax returns. The institution's accounts must be audited, and any surplus upon dissolution must be transferred to a similar organization. This notification applies from the assessment year 1997-98 onwards and may be rescinded if the institution's activities are found non-compliant.
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