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of <h1>Central Government Notifies Entity Under Section 10(23C)(v) for Tax Benefits; Conditions Apply for Income and Assets Use</h1> The Central Government has notified an entity in Karnataka under clause (23C)(v) of section 10 of the Income-tax Act, 1961, effective for assessment years 1999-2000 to 2001-2002. The entity must apply its income solely to its established objectives, restrict investments to specified forms, and maintain separate accounts for any incidental business activities. It is required to file regular income tax returns. In case of dissolution, its surplus assets must be transferred to a similar charitable organization. This notification supersedes a previous one dated 31st December 2001.
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