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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Veda Rakshana Nidhi Trust Notified Under Section 10(23C)(iv) for Tax Exemption, Must Follow Strict Income and Investment Rules</h1> The Central Government has notified the 'Veda Rakshana Nidhi Trust, Chennai' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, for the assessment years 1993-94 to 1995-96. The trust must apply its income exclusively to its objectives and invest funds only in specified modes. The notification excludes income from business unless it is incidental to the trust's objectives and separate accounts are maintained. The trust is required to file regular income tax returns and, upon dissolution, transfer surplus assets to a similar charitable organization.
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