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of <h1>'Jal Phiroj Clubwala Dar-E-Meher' Gains Tax Exemption Status Under Section 10(23C)(v) for 2000-2003</h1> The Central Government has notified 'Jal Phiroj Clubwala Dar-E-Meher, Chennai' under clause (23C)(v) of section 10 of the Income-tax Act, 1961, for assessment years 2000-2001 to 2002-2003. The notification mandates that the entity must apply its income exclusively to its established objectives, restricts investment of funds to specified forms, requires separate accounts for incidental business activities, mandates regular income tax filings, and stipulates that in the event of dissolution, surplus assets must be transferred to a similar charitable organization.
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