Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 26 April 2014
Dear
Hospitals and Educational ins. are not exempt from income tax
they are assessable as AOP or BOI
But if they have 80G and 12A registration with them than they will be regaarded as charitable organisation and in that case they can carry surplus to use in next year only.
CA Ankit Mittal
(Charterd Accountant)
(118 Points)
Replied 26 April 2014
Income of educational and medical institutions is exemot from tax under various clauses and sub clauses of section 10 (23C) depending upon the receipts and institutional type.
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Sub-section
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Trust or Institution
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10(23C)(i)
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The Prime Minister’s National Relief Fund
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10(23C)(ii)
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The Prime Minister’s Fund (Promotion of Folk Art)
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10(23C)(iii)
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The Prime Minister’s Aid to Students Fund
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10(23C)(iiia)
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The National Foundation for Communal Harmony
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10(23C)(iiiab)
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Educational Institution wholly or substantially financed by the Government
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10(23C)(iiiac)
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Medical Institution wholly or substantially financed by the Government
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10(23C)(iiiad)
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Educational Institution — Annual receipts do not exceed 1 crore rupees
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10(23C)(iiiae)
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Medical Institution — Annual receipts do not exceed 1 crore rupees
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10(23C)(iv)
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Institution of National importance notified by the Govt.
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10(23C)(v)
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Trust or Institution notified by the Central Government as for charitable purposes
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10(23C)(vi)
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Educational Institution other than those mentioned in sub-clauses (iiiab) & (iiiad) and approved by prescribed Authority
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10(23C)(via)
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Medical Institution other than those mentioned in sub-clauses (iiiac) & (iiiae) and approved by prescribed Authority.
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