Income of certain Universities, Hospitals, Educational Institution & Medical Institution - Section 10(23C)

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.... wholly or substantially financed by the Government * (iiiac) Any hospital or other institution for the reception and treatment of persons * (i) suffering from illness or * (ii) mental defectiveness or * (iii) during convalescence or * (iv) requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, and which is wholly or substantially financed by the Government. * For the purposes of sub-clauses (iiiab) and (iiiac), * any university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the Government for any previous year, * if the Government grant to such university or other educa....

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....r purposes of profit, * if the aggregate annual receipts of such university or educational institution do not exceed ₹ 1 crore [ Till A.Y. 2021-22 ] * if the aggregate annual receipts of such university or educational institution do not exceed ₹ 5 crore [ From AY 2022-23 ] * Non-applicability - It is clarified that the exemption under these clause shall not apply, if the any hospital or other institution aggregate annual receipts of the person from such hospital or hospitals or institution or institutions exceed ₹ 5 crore. * (iv) Any other fund or institution established for charitable purposes which may be approved by the prescribed authority, having regard to the objects of the fund or institution and its importa....

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....of making the application in Form no. 56 or 56D, the Trust or institution shall furnish such documents including audited annual accounts which the central government or prescribed authority may consider necessary in order to satisfy itself about the genuineness of the activities of the trust or institution. * It should apply its income, or accumulates it for application, wholly and exclusively to the objects for which it is established and in a case where more than 15% of its income is accumulated, the period of the accumulation of the amount exceeding 15% of its income shall in no case exceed 5 years. * It should not invest or deposit its funds, other than - * any asset held form part of corpus of the fund, trust or institution or an....

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....use (v) or clause (vi) or clause (via), or trust or institution registered under section 12AB, as the case may be, shall be treated as application for charitable or religious purposes only to the extent of 85% of such amount credited or paid. [Amended by FA, 2023] Restriction on exemption in case of corpus donation by exempt entities to other exempt entities registered u/s 12AA * Provided also that any amount credited or paid out of income of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in Section 1023C(iv) /(v) /(vi) /(via), to any trust or institution registered under section 12AA, being voluntary contribution made with a specific direction ....