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of <h1>Franciscan Servants of Mary Society Gains Tax Exemption Under Section 10(23C)(v) for 1995-98; Must Follow Specific Conditions.</h1> The Central Government has notified 'The Society of the Franciscan Servants of Mary, Alagapuram, Salem' under clause (23C)(v) of section 10 of the Income-tax Act, 1961, for the assessment years 1995-96 to 1997-98. The notification stipulates that the society must apply its income exclusively for its established objectives, invest funds only in specified modes, and ensure business activities are incidental and separately accounted. It must also file regular income tax returns and, upon dissolution, transfer surplus assets to a similar charitable organization.
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