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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Sri Aurobindo Samity Notified Under Section 10(23C)(iv) for Tax Exemption, Must Adhere to Specific Financial Conditions</h1> The Central Government has notified 'Sri Aurobindo Samity, Kolkata' under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, effective for the assessment years 1994-95 to 1996-97. The notification stipulates that the organization must use its income exclusively for its established objectives and invest funds only in specified forms. Business income is exempt only if incidental to its objectives and separately accounted for. The organization must file regular income tax returns and, upon dissolution, transfer surplus assets to a similar charitable entity.
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