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of <h1>Punjab Infrastructure Development Board Notified Under Section 10(23C)(iv) for 2003-2006, Must Comply with Specific Conditions</h1> The Central Government, under Section 10(23C)(iv) of the Income-tax Act, 1961, has notified the Punjab Infrastructure Development Board (PIDB), Chandigarh, for the assessment years 2003-2004 to 2005-2006. The notification stipulates that PIDB must apply its income solely to its established objectives, invest funds only in specified forms, maintain separate accounts for any business incidental to its objectives, file regular income tax returns, and, upon dissolution, transfer surplus assets to a similar charitable organization. This notification excludes income from business profits unless conditions are met.
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