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<h1>All India Chess Federation notified under Income-tax Act, 1961: Conditions for income application and investment specified.</h1> The Central Government has notified the All India Chess Federation, Calicut, under clause (23) of section 10 of the Income-tax Act, 1961, for assessment years 1997-98 to 1999-2000. The notification stipulates that the federation must apply or accumulate its income exclusively for its established objectives, invest funds only in specified forms, and refrain from distributing income to members except as grants to affiliated associations. Additionally, the notification excludes income from business profits unless the business supports the federation's objectives and maintains separate accounts.