Section 10(23C)(iv) of the Income-tax Act, 1961
– Exemptions charitable funds/institutions – Notified fund or charitable
institution
In exercise of the
powers conferred by sub-section (iv) of clause (23C) of section 10 of the
Income-tax Act, 1961 (43 of 1961) read with rule 2C of the Income-tax Rules,
1962, I, Chief Commissioner of Income-tax, Udaipur hereby notify the Help
Society, New Purnima Guest House, Holy Chowk, Charbhuja, Rajsamand (Rajasthan)
for the purpose of the said sub-clause for the assessment years 2008-09 onwards
subject to the following conditions, namely :-
(i)
The assessee will apply its income, or
accumulate for application, wholly and exclusively to the objects for which it
is established;
(ii)
The assessee will not invest or deposit its fund
(other than voluntary contributions received and maintained in the form of
jewellery, furniture, etc.) for any period during the previous year relevant to
the assessment years mentioned above otherwise than in any one or more of the
forms or modes specified in sub-section (5) of section 11;
(iii)
This notification will not apply in relation to
any income being profits and gains of business, unless the business is
incidental to the attainment of the objectives of the assessee and separate
books of account are maintained in respect of such business;
(iv)
The assessee will regularly file its return of
income before the income–tax authority in accordance with the provisions of the
Income-tax Act, 1961;
(v)
That in the event of dissolution its surplus and
the assets will be given to a charitable organization with similar objectives;
This
notification is applicable only to the recipients of income on behalf of the
assessee and not to any other receipt or income of such recipients. Taxability
or, otherwise of the income of the assessee would be separately considered as
per the provisions of the Income-tax Act, 1961.