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<h1>Central Govt Exempts Specific Funds from Income Tax for 1974-75 and 1975-76 Under Section 10(23C)(iv)</h1> The Central Government, exercising its powers under clause (iv) of sub-section (23C) of section 10 of the Income-tax Act, 1961, has notified certain funds as exempt for the assessment years 1974-75 and 1975-76. These funds include the Armed Forces Benevolent Fund, Special Fund for Reconstruction & Rehabilitation of Ex-Servicemen, Armed Forces Re-Construction Fund, India Gorkha Ex-Servicemen's Welfare Fund, Central Post War Re-settlement Fund, Armed Forces Flag Day Fund, War Bereaved & Disabled Servicemen Special Relief Fund, and India Soldiers, Sailors & Airmen's Board Fund.