section 10(23c)
This query is : Open
11 July 2011
sir, my firm is an auditor of an educational institution which is sudstantially financed by state government, hence eligible for exemption u/s 10(23c), now the problem is in the current assessment year the gross receipts of the same institution have exceeded rs 1 crore, so whether we have to follow the criteria of sec 10(23c)(iiiab) or section 10(23c)(vi)
plz do needful
plz do needful
CA PARAS BAFNA
(Expert)
18 July 2011
On going through clauses (iiiab) and (vi) of section Section 10(23C) the only difference which emerges out - is regarding the approval by the prescribed authority, which is Chief Commissioner or Director General. Whether the institution is required to obtain such approval ? will be the only deciding factor, in my view.
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