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The Central Government notifies the 'The Society of the Franciscan Servants of Mary, Algapuram, Salem' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961 - 285/2002 - Income Tax Act, 1961
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Tax exemption notification: charitable organization status granted subject to purpose, investment, accounting, filing, and dissolution conditions. Central Government notifies the society for tax-exempt status under the charitable-exemption provision for specified assessment years, subject to conditions: income must be applied or accumulated exclusively for charitable objects; investments must be in permitted forms (with limited exceptions for certain voluntary contributions); business income is excluded unless incidental and maintained in separate books; the society must regularly file income-tax returns; and on dissolution surplus assets must transfer to a similarly purposed charitable organization.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax exemption notification: charitable organization status granted subject to purpose, investment, accounting, filing, and dissolution conditions.
Central Government notifies the society for tax-exempt status under the charitable-exemption provision for specified assessment years, subject to conditions: income must be applied or accumulated exclusively for charitable objects; investments must be in permitted forms (with limited exceptions for certain voluntary contributions); business income is excluded unless incidental and maintained in separate books; the society must regularly file income-tax returns; and on dissolution surplus assets must transfer to a similarly purposed charitable organization.
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