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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income for the National Council of Applied Economic Research exempt from tax under Section 10(23C)(iv) for 2005-2008.</h1> Income received on behalf of the National Council of Applied Economic Research in New Delhi is exempt from being included in the total income of the recipient for the Assessment Years 2005-2006 to 2007-2008, as per Section 10(23C)(iv) of the Income-tax Act, 1961. Conditions for this exemption include: the income must be applied exclusively to the institution's objectives, investments must comply with specified modes, business income is exempt only if incidental to objectives, regular tax returns must be filed, and assets must be transferred to a similar organization upon dissolution. This exemption applies solely to income received on behalf of the institution.
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