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of <h1>Section 115BBI mandates thirty percent tax on specified income for exempt institutions with no deductions allowed</h1> Section 115BBI of the Income Tax Act, 1961 establishes special tax treatment for specified income of exempt institutions including funds, trusts, educational institutions, and hospitals. Such institutions must pay tax at thirty percent on specified income, plus regular tax on remaining income. No deductions or allowances are permitted against specified income. Specified income includes excess accumulations beyond fifteen percent, deemed income under various provisions, income violating exemption conditions, and income not excluded under specific statutory clauses. This provision ensures tax compliance for institutions claiming exemptions.
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