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of <h1>Rajiv Gandhi Foundation notified under IT Act, Section 10(23C)(iv); must adhere to specific income use and investment rules.</h1> The Central Government has notified the 'Rajiv Gandhi Foundation, New Delhi' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, applicable for assessment years 2001-02 to 2003-04. The notification requires the foundation to apply its income solely to its established objectives and restricts fund investments to specified forms. It excludes profits from business activities unless incidental to the foundation's objectives, requiring separate accounting. The foundation must file regular income tax returns and, upon dissolution, transfer surplus assets to a similar charitable organization.
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