India - Income Tax Act 2010 - Saarc

S. 10(23A) I.T. ACT, 1961 1.7413[ 14 (23A) any income (other than income chargeable under the head 15 [* * *]“Income from house property” or any income received for renderingany specific services or income by way of interest or dividendsderived from its investments) of an association or institutionestablished in India having as its object the control, supervision,regulation or encouragement of the profession of law, medicine,accountancy, engineering or architecture or such other profession 16as the Central Government may specify in this behalf, from time totime, by notification in the Official Gazette:Provided that—(i) the association or institution applies its income, or accumulatesit for application, solely to the objects for which it is established;and(ii) the association or institution is for the time being approved 17 forthe purpose of this clause by the Central Government by generalor special order:]18[Provided further that where the association or institution has beenapproved by the Central Government and subsequently that Governmentis satisfied that—(i) such association or institution has not applied or accumulated itsincome in accordance with the provisions contained in the firstproviso; or(Contd. from p. 1.73)Provided also that the exemption under this clause shall not be denied in relationto voluntary contribution, other than voluntary contribution in cash or voluntarycontribution of the nature referred to in clause (b) of the third proviso to this clause,subject to the condition that such voluntary contribution is not held by theassociation or institution, otherwise than in any one or more of the forms or modesspecified in sub-section (5) of section 11, after the expiry of one year from the endof the previous year in which such asset is acquired or the 31st day of March, 1992,whichever is later :Provided also that nothing contained in this clause shall apply in relation to anyincome of the association or institution, being profits and gains of business, unlessthe business is incidental to the attainment of its objectives and separate books ofaccount are maintained by it in respect of such business :Provided also that any notification issued by the Central Government under thisclause in relation to any association or institution shall, at any one time, have effectfor such assessment year or years, not exceeding three assessment years (includingan assessment year or years commencing before the date on which such notificationis issued), as may be specified in the notification*;’*For approved sports associations/institutions, see Taxmann’s Direct TaxesCirculars.13. Inserted by the Finance (No. 2) Act, 1965, w.r.e.f. 1-4-1962.14. See also Circular No. 584, dated 13-11-1990. For details, see Taxmann’s Master Guide toIncome-tax Act.15. ‘ “Interest on securities” or’ omitted by the Finance Act, 1988, w.e.f. 1-4-1989.16. For specified professions, see Taxmann’s Master Guide to Income-tax Act.17. For approved association/institution, see Taxmann’s Master Guide to Income-tax Act.18. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.