Furnishing of return of income by certain universities and hospitals referred to in section 10 (23C) of the Act

[Admin TMI]

Question - What are the changes in section 10(23C) in Finance Bill 2015 ?

AI Summary

Proposed Finance Bill 2015 mandates tax return filing for certain educational institutions and hospitals under section 10(23C). The discussion addresses changes proposed in the Finance Bill 2015 regarding section 10(23C) of the Income Tax Act. The current law exempts certain government-financed universities, educational institutions, and hospitals from filing income tax returns. However, the proposed amendment mandates that entities covered under sub-clauses (iiiab) and (iiiac) of clause (23C) must file their income tax returns starting from April 1, 2016, applicable for the assessment year 2016-17 and onwards. This change aims to ensure compliance and transparency for these institutions.