Sir/Madam,
An ITI institution neither registered u/s 12A nor approved by the CIT received Government grants. The money received from the Government was kept in a fixed deposit with a nationalised bank for the time sake. It received Rs. 21 lakhs as interest on such deposits in the previous year. Can the Institution claim exemption under section 10(23C) on such an interest income?
Please guide me in this case.
Thanks in advance.
Menu
Exemption under section 10(23C)
Replies (3)
Section 10(23C) iiiad provides the exemption to those educational institutions whose gross receipts is less than Rs. 1 Crore. These educational institutions are not required to be approved by the prescribed authority. So If the Gross receipts is not more than Rs. 1 Crore then income will be exempt.
Further to add, Bharat's post, it should be recognised by the competent authority.
Thanks
our client has a trust and want to run madarsa as a educational institution. is it possible to take the benefit of sec 10(23C),(iiiad) without any other registration under the income tax act?
Recent Topics :
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
- Question on buy back of shares
- Saving corporate tax completely on profit from rea
- Hi experts need some helps
- A query regarding GST and Place of Supply:
- ADT-3 not filed by previous Auditor
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
Related Topics :
CAclubindia
