Tax exemption notification for charitable institution sets conditions for income application, investment, business, returns, and dissolution. Notification designates The Indo-Japan Centre, Chennai as a notified charitable institution for assessment years 1998-99 to 2000-01 subject to conditions: income must be applied or accumulated solely for its objects; investments must be in forms permitted under Section 11(5) (except specified voluntary contributions); business income is excluded unless incidental with separate accounts; regular filing of income-tax returns is required; and on dissolution surplus assets must transfer to a similar charitable organisation.
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Provisions expressly mentioned in the judgment/order text.
Tax exemption notification for charitable institution sets conditions for income application, investment, business, returns, and dissolution.
Notification designates The Indo-Japan Centre, Chennai as a notified charitable institution for assessment years 1998-99 to 2000-01 subject to conditions: income must be applied or accumulated solely for its objects; investments must be in forms permitted under Section 11(5) (except specified voluntary contributions); business income is excluded unless incidental with separate accounts; regular filing of income-tax returns is required; and on dissolution surplus assets must transfer to a similar charitable organisation.
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