Clause 95 - Provisions of this chapter not to apply in certain cases - Direct Taxes Code Bill, 2009

Provisions of this chapter not to apply in certain cases 95. The provisions of this Chapter shall not apply to any person who- (a) holds any business under trust, regardless of any specific direction that- (i) the business shall form part of the corpus of such person; or (ii) the income from the business shall be applied only for permitted welfare activity; (b) carries on any business if- (i) the business is not incidental to the permitted welfare activity carried on by it; and (ii) the permitted welfare activity so carried on does not involve any activity referred to in sub-clause (vi) of clause (g) of section 96; or (c) ceases to be a non-profit organisation at any time during the financial year.