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of <h1>National Foundation of India Gains Tax Exemption Status Under Section 10(23C)(iv) for 2002-03 to 2004-05</h1> The Central Government has notified the 'National Foundation of India, New Delhi' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, applicable for assessment years 2002-03 to 2004-05. The notification stipulates that the foundation must apply its income solely to its established objectives and invest funds only in specified forms. Business income is exempt unless incidental to its objectives, with separate accounts maintained. The foundation must file regular income tax returns, and in case of dissolution, its surplus and assets should be transferred to a similar charitable organization.
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