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
Contents
Acts
Rules & Regulations
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Tax exemption for educational and medical institutions depends on purpose, government financing, receipt limits, and anonymous-donation treatment. Schedule VII provides income-tax exemption for qualifying educational and medical institutions. Government-financed educational institutions must exist ... Summary
Tax exemption for educational and medical institutions depends on purpose, government financing, receipt limits, and anonymous-donation treatment.
Schedule VII provides income-tax exemption for qualifying educational and medical institutions. Government-financed educational institutions must exist solely for educational purposes and not for profit, while Government-financed hospitals must provide specified treatment or rehabilitation services and exist solely for philanthropic, non-profit purposes. Institutions are substantially Government-financed where grants exceed the prescribed percentage of total receipts. Other eligible educational institutions, hospitals and institutions must satisfy the relevant purpose conditions and keep combined aggregate annual receipts within Rs.5 crore. Anonymous donations receive the specified non-profit organisation income treatment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
