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of <h1>Income of Franciscan Sisters Congregation Exempt from 2005-2008 Under Section 10(23C)(v) with Specific Conditions</h1> The Central Government has notified that any income received on behalf of The Congregation of the Franciscan Sisters of the Presentation of the Blessed Virgin Mary, Coimbatore, is exempt from inclusion in total income for assessment years 2005-2006 to 2007-2008 under Section 10(23C)(v) of the Income-tax Act, 1961. Conditions include applying or accumulating income solely for its established objectives, limiting accumulation beyond 15% to five years, investing funds per Section 11(5), maintaining separate accounts for incidental business income, and filing regular income tax returns. In case of dissolution, surplus assets must be transferred to a similar organization.
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