Notification No. 143/2005, Dated 17-5-2005
In exercise of powers conferred
by the sub-clause (iv) of clause (23C) of section 10 of the Income-tax Act,
1961 (43 of 1961), the Central Government hereby notifies the "Indian
Parliamentary Group, New Delhi" for the purpose of the said sub-clause
for the assessment year 2005-2006 to 2007-2008 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 years relevant to
the assessment years mentioned above other wise 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 accounts 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 organisation with similar
objectives.