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of <h1>Muslim Educational Society Calicut Notified Under Section 10(23C)(iv) for Tax Exemption: Income Use and Investment Rules Set</h1> The Central Government has notified 'The Muslim Educational Society, Bank Road, Calicut' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, for the assessment years 1999-2000 to 2001-2002. The notification requires the society to apply its income exclusively to its established objectives, restricts investment of funds to specified forms, and mandates maintaining separate accounts for any incidental business income. The society must also file regular income tax returns and, upon dissolution, transfer surplus assets to a charitable organization with similar objectives.
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