Clarification on certain issues related to grant of approval and claim of exemption u/s 10(23C)(vi) of the Income-tax Act, 1961

0

Sub-clause (VI) of clause (23C) of see 10 of the income-tax Act 1961 (Act) prescribes that income of any university or other educational institutions existing solely for educational purposes and not for purposes of profit shall be exempt from tax if such entities are approved by the prescribed authorities. sach approval is not reqaired in cases of university or educational institutions wholly or substantially finaneced by the Goverament [sub-clause (iiiab)] or if their aggregate annual receipts do not exceed Rs.1 crore [sub-clause (iiiad) r.w rule 2BC] thus while granting approval to entities covered under sub-clause (VI) the prescribed authority has to ensure that the applicant institution must exist. Read More

 

Leave A Reply