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Exemption for income received on behalf of a trust: such receipts excluded from donor's taxable income subject to conditions. Any income received by any person on behalf of Shree Datta Deosthan Trust, Ahmednagar is excluded from that person's total income under a Section 10(23C)(v) exemption, subject to conditions: income must be applied or accumulated exclusively for institutional objects with limits on excess accumulation; funds must be invested only in modes specified in section 11(5); business income is excluded unless incidental and separately accounted; returns must be regularly filed; and on dissolution surplus assets must go to a like organisation. The exemption covers only receipts on behalf of the institution.
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<h1>Exemption for income received on behalf of a trust: such receipts excluded from donor's taxable income subject to conditions.</h1> Any income received by any person on behalf of Shree Datta Deosthan Trust, Ahmednagar is excluded from that person's total income under a Section 10(23C)(v) exemption, subject to conditions: income must be applied or accumulated exclusively for institutional objects with limits on excess accumulation; funds must be invested only in modes specified in section 11(5); business income is excluded unless incidental and separately accounted; returns must be regularly filed; and on dissolution surplus assets must go to a like organisation. The exemption covers only receipts on behalf of the institution.