Association of Metropolitan Development Authorities, New Delhi Notified U/S 10(23C)(iv)
Show AI Summary
Income-tax exemption for Association subject to exclusive use of income, permitted investments, business-incidental rule, filings, and dissolution transfer.
Notification grants income-tax exemption to the Association of Metropolitan Development Authorities subject to conditions: exclusive application of income to objects, investment restrictions to forms under section 11(5) (except certain in-kind voluntary contributions), exclusion of business income unless incidental with separate books, regular filing of income-tax returns, and transfer of surplus and assets on dissolution to a similar charitable organization.