In order to have a charity, you must have a source of income

ICAI won the Income Tax Exemption Case in the High Court – Scope of the term “Charitable Purpose” defined by the High Court – In order to have a charity, you must have a source of income – Section 10(23C)(iv) September 2, 2009. Director General of Income Tax (Exemption) has denied the exemption to Institute of Chartered Accountants of India (ICAI) under Section 10(23C)(iv) of the Income Tax Act, 1961 on the basis of following allegation: “During the financial year 2003-04, 2004-05, 2005-06 and 2006-07, the Petitioner Foundation has mainly done contract...