Amendment status not verified — confirm the current text below against the official source.
Omitted by Act No.33 of 2007. Budget of Charitable or religious institution or endowment. 70 [Act No. 30 of 1987] (iii) the maintenance of the working balance; (iv) the arrangement to be made for securing the health, safety or convenience of the disciples, pilgrims, worshippers or other persons resorting to the institution or endowment: Provided that in the case of an institution or endowment whose annual income exceeds twenty thousand rupees, the provisions made under this item shall not be less than forty per centum of the balance of the income for the financial year remaining after making provision for item (i), (ii) and (iii) above; (v) the contribution to the reserve fund of the institution or endowment at ten per centum of the balance referred to in the proviso to item (iv) above; (vi) the construction, repair, renovation and improvement of the institution or endowment and the buildings connected therewith: Provided that in the case of an institution or endowment whose annual income is not less than rupees one lakh, the provision made under this item shall not be less than thirty per centum of the balance of the income for the financial year remaining after making provision for items (i), (ii), (iii) and (iv) above. 58[(b) Where the budget relates to an institution or endowment whose annual income, as referred to under section 65, exceeds fifty thousand rupees, the budget shall also make provision for payment of such amount to the common good fund as may be prescribed.]