Charitable exemption recognition grants tax-exempt status to temple subject to operational, investment, accounting and dissolution conditions The temple is notified for tax-exempt recognition for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; investments and deposits are limited to permitted forms with an exception for voluntary contributions maintained as jewellery or furniture; business income is excluded unless incidental and separately accounted; regular filing of returns is required; and on dissolution surplus and assets must transfer 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.
Charitable exemption recognition grants tax-exempt status to temple subject to operational, investment, accounting and dissolution conditions
The temple is notified for tax-exempt recognition for specified assessment years subject to conditions: income must be applied or accumulated wholly and exclusively to its objects; investments and deposits are limited to permitted forms with an exception for voluntary contributions maintained as jewellery or furniture; business income is excluded unless incidental and separately accounted; regular filing of returns is required; and on dissolution surplus and assets must transfer to a charitable organisation with similar objectives.
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