Tax exemption notification: Institute recognised subject to exclusive charitable purpose, permitted investments, business limits and filing compliance. Notification grants tax-exempt recognition to The Institute of Chartered Accountants of India for specified assessment years provided it applies or accumulates income wholly and exclusively for its objects, confines investments and deposits (except certain voluntary contributions retained as jewelry or furniture) to permitted modes, treats business income as exempt only when incidental and maintained in separate books, files income-tax returns regularly, and, upon dissolution, transfers surplus and assets to a charitable organisation with similar objectives.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption notification: Institute recognised subject to exclusive charitable purpose, permitted investments, business limits and filing compliance.
Notification grants tax-exempt recognition to The Institute of Chartered Accountants of India for specified assessment years provided it applies or accumulates income wholly and exclusively for its objects, confines investments and deposits (except certain voluntary contributions retained as jewelry or furniture) to permitted modes, treats business income as exempt only when incidental and maintained in separate books, files income-tax returns regularly, and, upon dissolution, transfers surplus and assets to a charitable organisation with similar objectives.
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