Income of certain Universities, Hospitals, Educational Institution & Medical Institution - Schedule VII(New) / Section 10(23C)(iiiab), (iiiac), (iiiad) and (iiiae)(Old)
Charitable, Religious, Educational Trust or Institutions or Organizations and Tax on Accreted Income
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Government financing and institutional purpose determine tax exemption eligibility for qualifying educational and medical institutions under the revised framework. Income-tax exemption for educational and medical institutions applies to Government-financed institutions and to other institutions meeting the aggregate ... Summary
Government financing and institutional purpose determine tax exemption eligibility for qualifying educational and medical institutions under the revised framework.
Income-tax exemption for educational and medical institutions applies to Government-financed institutions and to other institutions meeting the aggregate annual receipts ceiling. Educational institutions must exist solely for educational purposes and not for profit. Hospitals and other medical institutions must provide specified treatment or rehabilitation services and exist solely for philanthropic purposes and not for profit. Substantial Government financing depends on Government grants exceeding the prescribed proportion of total receipts, including donations. Anonymous donations are excluded from income on which no tax is payable and are subject to the provisions applicable to specified income of a registered non-profit organisation.
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