Processing of applications for notification u/s 10(23C)(v) - Guidelines regarding.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... IT Act, 1961 provides for the exemption of the Income of any trust (including any other legal obligation) or institution wholly for public religious purposes or wholly for public religious and charitable purposes. The Central Government is empowered to notify such trusts or institutions. 2. Section 80G of the IT Act provides for deduction in respect of donations to approve funds and charitable i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s this aspect is overlooked. Approvals u/s 80G of the IT Act, 1961 are granted by CIT even to those institutions/trusts which are notified under Section 10(23C)(v) but where expenditure of a religious nature incurred by such funds or institutions exceeds 5 percent of its total income for that previous year rendering it ineligible for the purposes of Section 80G. 5. As the Central Government may n....