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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income for Ahmedabad Trust Exempt from Tax for 2005-2008 Under Section 10(23C)(v) of Income-tax Act 1961</h1> Any income received on behalf of a specified Ahmedabad-based trust is exempt from inclusion in the recipient's total income for assessment years 2005-06 to 2007-08, under Section 10(23C)(v) of the Income-tax Act, 1961. Conditions for this exemption include using income exclusively for the trust's objectives, limiting accumulation of income to five years if exceeding 15%, investing funds as specified, maintaining separate accounts for incidental business income, and filing regular income tax returns. In case of dissolution, surplus assets must go to a similar organization. This notification applies only to income received on behalf of the trust.
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