Tax-exempt status requires exclusive application of income, restricted investments, separate business accounts, and transfer of surplus on dissolution. The notification recognises the fund as qualifying for tax-exempt charitable status for specified assessment years provided it applies or accumulates income exclusively for its objects, confines investments to legally permitted forms (excluding certain held voluntary contributions), treats business profits as excluded unless incidental and separately accounted for, files returns regularly, and on dissolution transfers surplus and assets to a similarly purposed charitable organisation.