Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARD :: empanelment :: TDS :: ACCOUNTING STANDARDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT RATES :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India
 
 
« Latest Circulars »
 Monitoring of Foreign Investment under PIS in Indian Companies- Removal from Ban List - FIIs/RPIs : M/s IDFC Limited
 FIIs/FPIs can now invest 24 to 49 per cent under PIS in M/s Satin Creditcare Network Limited
  Bankers & SME Borrowers: The Emerging Mantras (Shri S. S. Mundra, Deputy Governor – June 16, 2017 – at the 3rd Bankers Borrowers Business Summit organized by ASSOCHAM in New Delhi1)
 RBI extends Directions issued to Navodaya Urban Co-operative Bank Ltd, Nagpur, Maharashtra
 Developments in India’s Balance of Payments during the Fourth Quarter (January-March) of 2016-17
 Bankers & SME Borrowers: The Emerging Mantras (Shri S. S. Mundra, Deputy Governor – June 16, 2017 – at the 3rd Bankers Borrowers Business Summit organized by ASSOCHAM in New Delhi1)
 RBI-Formation of a new district in the State of West Bengal - Assignment of Lead Bank Responsibility
 RBI-Period for Submission of Agency Commission Claims
  Master Direction - Information Technology Framework for the NBFC Sector
  Prudential Guidelines on Capital Adequacy and Market Discipline- New Capital Adequacy Framework (NCAF) - Eligible Credit Rating Agencies – INFOMERICS Valuation and Rating Pvt Ltd. (INFOMERICS)
 Prudential Guidelines on Capital Adequacy and Market Discipline- New Capital Adequacy Framework (NCAF) - Eligible Credit Rating Agencies – INFOMERICS Valuation and Rating Pvt Ltd. (INFOMERICS)

NOTIFICATION NO. 55/2007, DATED 22-2-2007
February, 22nd 2007

In exercise of powers conferred by the sub-clause (iv) of the Clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that any income received by any person on behalf of "Cancer Aid & Research Foundation, Byculla Municipal School Building, Gr. Floor, RM No. 15-18, N.M. Joshi Marg, Near 'S' Bridge, Byculla(west), Mumbai-400 011" (hereinafter the "Institution") shall not be included in the total income of such person subject to the following conditions, namely :

(a)the Institution will apply its income, or accumulate for application, wholly and exclusively to the objects for which it is established and in a case where more than fifteen per cent of its income is accumulated on or after 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen per cent of its income shall in no case exceed five years;

(b)the Institution 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 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 the section 11;

(c)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 Institution and separate books of account are maintained in respect of such business;

(d)the Institution will regularly file its return of income before the Income-tax authority in accordance with the provisions of the Income-tax Act, 1961;

(e)that in the event of dissolution of the Institution, its surplus and the assets will be given to an organization with similar objectives.

(f)the Institute will get its accounts audited by an accountant as defined in Explanation below sub-section (2) of section 288 and furnish along with the return of Income. The report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.

2.This notification is applicable only to the recipients of income on behalf of the Institution and not to any other receipt or income of such recipients. Taxability or, otherwise of the income of the Institution would be separately considered as per the provisions of the Income-tax Act, 1961.

3.This notification is applicable for assessment year 2007-08 and onwards.

4.The above notification is liable to be rescinded by the Central Government, if it is subsequently found that the activities of the Institution are not genuine or if they are not carried out in accordance with all or any of the conditions subject to which it was notified.

                                                                                         [F. No. 197/108/2006-ITA-I]

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions