Tax exemption notification for an association requires exclusive application of income, permitted investments, business incidental limits, and dissolution transfer. Notification under Section 10(23) designates the Ratnagiri Zilla Bridge Association as eligible for exemption for assessment year 2002-2003, conditional on: applying or accumulating income exclusively to its objects; restricting investments to forms permitted by Section 11(5) (excluding certain voluntary contributions retained in kind); excluding business income unless incidental and recorded in separate books; regular filing of income tax returns; and transferring surplus and assets on dissolution to a charitable organisation with similar objectives.
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Tax exemption notification for an association requires exclusive application of income, permitted investments, business incidental limits, and dissolution transfer.
Notification under Section 10(23) designates the Ratnagiri Zilla Bridge Association as eligible for exemption for assessment year 2002-2003, conditional on: applying or accumulating income exclusively to its objects; restricting investments to forms permitted by Section 11(5) (excluding certain voluntary contributions retained in kind); excluding business income unless incidental and recorded in separate books; regular filing of income tax returns; and transferring surplus and assets on dissolution to a charitable organisation with similar objectives.
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