Yusuf Meherally Centre recognized under Section 10(23C)(iv) of Income-tax Act, 1961, with conditions on income and investments.

The Central Government has notified the "Yusuf Meherally Centre, Mumbai" under Section 10(23C)(iv) of the Income-tax Act, 1961, effective for assessment years 2001-2002 to 2003-2004. The notification stipulates that the Centre must apply its income exclusively to its established objectives and invest funds only in approved forms. It excludes income from business unless incidental to the Centre's objectives, requiring separate accounts. The Centre must file regular income tax returns and, upon dissolution, transfer surplus assets to a similar charitable organization.

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