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of <h1>Income Exemption Granted for West Bengal Institution under Section 10(23C)(iv) for 2004-2007 Assessment Years</h1> The Central Government has issued a notification exempting any income received on behalf of a specified institution in West Bengal from being included in the total income for assessment years 2004-2005 to 2006-2007 under Section 10(23C)(iv) of the Income-tax Act, 1961. The exemption is contingent upon the institution applying its income exclusively for its established objectives, limiting income accumulation beyond 15% to a maximum of five years, investing funds as specified, 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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