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TMI BlogClarification in respect of section 10(23C) of the Act - THE FINANCE (No. 2) BILL, 2014X X X X Extracts X X X X X X X X Extracts X X X X ..... Clarification in respect of section 10(23C) of the Act - THE FINANCE (No. 2) BILL, 2014 - News and Press Release Dated:- 13-7-2014 - News - Clarification in respect of section 10(23C) of the Act The existing provisions of sub-clause (iiiab) and (iiiac) of section 10(23C) of the Act provide exemption, subject to various conditions, in respect of income of certain educational institution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, universities and hospitals which exist solely for educational purposes or solely for philanthropic purposes, and not for purposes of profit and which are wholly or substantially financed by the Government. Absence of a definition of the phrase substantially financed by the Government has led to litigation and varying decisions of judicial authorities who have, for this purpose, relied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon various other provisions of the Income-tax Act and other Acts. Thus, there is lack of certainty in this regard. Therefore, it is proposed to amend section 10(23C) by inserting an Explanation that if the Government grant to a university or other educational institution, hospital or other institution during the relevant previous year exceeds a percentage (to be prescribed) of the total rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipts (including any voluntary contributions), of such university or other educational institution, hospital or other institution, as the case may be, then such university or other educational institution, hospital or other institution shall be considered as being substantially financed by the Government for that previous year. This amendment will take effect from 1st April, 2015 and will, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordingly, apply in relation to the assessment year 2015-16 and subsequent assessment years. [Clause 5] - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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