The Central Government notifies the 'Krishnamurthy Foundation, Chennai' for the purpose of clause (23C)(iv) of section 10 of the Income-tax Act, 1961 - 233/2002 - Income Tax

Notification under section 10(23C)(iv): tax-exempt status conditioned on income application, investment limits, business accounting, filing, and asset transfer.

Designation of Krishnamurti Foundation India under clause (23C)(iv) of section 10 is made subject to conditions: income must be applied or accumulated solely for the foundation's objects; investments limited to forms permitted under section 11(5) except certain voluntary contributions; business income excluded unless incidental and separately accounted; return of income must be regularly filed; and on dissolution surplus assets must be transferred to a like-minded charitable organization.