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TMI BlogFurnishing of return of income by certain universities and hospitals referred to in section 10 (23C) of the ActX X X X Extracts X X X X X X X X Extracts X X X X ..... Question - What are the changes in section 10(23C) in Finance Bill 2015 ? - Reply By Admin TMI - The Reply = Furnishing of return of income by certain universities and hospitals referred to in section 10 (23C) of the Act Under the provisions of section 10 of the Act, exemption under sub-clause (iiiab) and (iiiac) of clause (23C), subject to specified conditions, is available to such uni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... versity or educational institution, hospital or other institution which is wholly or substantially financed by the Government. Under the existing provisions of section 139, all entities whose income is exempt under clause (23C) of section 10, other than those referred to in sub-clauses (iiiab) and (iiiac) of the said clause, are mandatorily required to file their return of income. It is proposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to amend the Act in order to provide that entities covered under clauses (iiiab) and (iiiac) of clause (23C) of section 10 shall be mandatorily required to file their return of income. This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years. - Furnishing of return of income by certain universiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and hospitals referred to in section 10 (23C) of the Act - Query Started By: - Admin TMI Dated:- 28-2-2015 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion 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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