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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Guru Gobind Singh Foundation Gains Tax Exemption for 1996-1999 Under Section 10(23C) of Income Tax Act</h1> The Central Government has notified the 'Guru Gobind Singh Foundation, Chandigarh' under section 10(23C) of the Income Tax Act, 1961, for the assessment years 1996-1997 to 1998-1999. The foundation must apply its income exclusively to its objectives, invest funds only in specified modes, and maintain separate accounts for any business profits, which must be incidental to its objectives. It is required to file regular income tax returns and, upon dissolution, transfer surplus assets to a similar charitable organization. This notification does not apply to profits and gains of business unless conditions are met.
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