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<h1>Central Government Recognizes 'Bombay Humanitarian League, Mumbai' u/s 10(23C)(iv) for Tax Exemption (1996-1999.</h1> The Central Government has notified the 'Bombay Humanitarian League, Mumbai' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, applicable for the assessment years 1996-97 to 1998-99. The notification stipulates that the organization must apply its income solely to its established objectives, invest funds in specified modes, and maintain separate accounts for any business activities incidental to its objectives. It must also file regular income tax returns and, upon dissolution, transfer any surplus assets to a similar charitable organization.