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Income Tax Exemption under Section 10(23B) of Income Tax Act, 1961

 

Eligible Assessee

An institution constituted as Society or public charitable trust

 

Nature of Income

Any income

 

 

 

Amount Exempt

Entire amount

 

Conditions laid down for Tax Exemption

  1. The institution is established for Khadi and Village industries

  2. The same is approved by Commissioner of Khadi and Village Industries Commission, who may grant approval for any period not exceeding three years

  3. The institution shall apply or accumulate its income solely for development of Khadi and Village industries.

  4. The Commissioner may after giving opportunity to such institution, withdraw the approval if he finds that such institution does not adhere to the specified conditions.

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