Section 10(23C)(iv) of the Income-tax Act, 1961 – Exemptions – Charitable or religious trusts/institutions – Notified fund or charitable institution

Notification No. S.O. 2528, dated 4-9-2009


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, the Chief Commissioner of Income-tax, Udaipur hereby notify the West Zone Cultural Centre, Udaipur (Rajasthan) for the purpose of the said sub-clause for the assessment years 2010-11 to 2012-13 subject  to the following conditions, namely :––

  
  1. The assessee will apply its income, accumulate for applications, wholly and exclusively to the objects for which it is established       
  
  1. The assessee will not invest or deposit its fund (other than voluntary contributions received and maintained in the form of jewelley, 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;

  
  1. 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;
 
  1. 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;

 
  1. That in the event of dissolution, its surplus and the assets will be given to a chartable 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 Taxability or otherwise of the income of the assessee would be separately considered as per the provisions of the Income-tax Act, 1961.