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of <h1>Federation of Indian Chambers of Commerce & Industry notified under Section 10(23C)(iv) for tax exemptions; strict compliance required.</h1> The Central Government has notified the Federation of Indian Chambers of Commerce and Industry, New Delhi, under clause (23C)(iv) of section 10 of the Income-tax Act, 1961, for assessment years 1989-90 to 1991-92. This notification requires the organization to apply its income exclusively to its established objectives, restricts investment of funds to specified forms, and mandates separate accounting for business profits. Additionally, it must file regular income tax returns and ensure that, upon dissolution, any surplus assets are transferred to a charitable organization with similar objectives.
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