Notification:
211
Section(s) Referred:
s. 10(23C)(iv) ,s. 11(5)
Statute:
INCOME TAX
Date of Issue:
3/7/2000
In exercise of the powers conferred by sub-clause (iv) of clause (23C)
of section 10 of the
Income-tax Act, 1961 (45 of 1961), the Central Government hereby notifies the National
Institute of Public Finance and Policy, New Delhi, for the purpose of the said sub-clause
for the assessment years 1999-2000 to 2001-2002 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 funds (other than voluntary
contributions
received and maintained in the form of jewellery, furniture, etc.) for any period during
the previous years 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 of the institute, the surplus and
the assets will be dealt
within the manner prescribed in the articles and memorandum of association and no part
of it will go back to the contributing State Government or Central Government.
[Notification No. 11414/F. No. 197/37/2000-ITA-I]