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of <h1>Muslim Orphanage Committee Gains Tax Exemption: Conditions Apply Under Clause 23C(v) of Section 10, Income-tax Act 1961</h1> The Central Government has notified 'The Muslim Orphanage Committee, Tirunelvelli' under clause (23C)(v) of section 10 of the Income-tax Act, 1961, applicable for assessment years 1998-99 to 2000-2001. The notification stipulates conditions: the committee must apply its income solely to its objectives, invest funds as per specified modes, maintain separate accounts for business income if incidental, file regular income tax returns, and in case of dissolution, transfer surplus assets to a similar charitable organization. This notification excludes profits from business unless incidental to the committee's objectives.
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