Filing of income u/s 23(c)

As per section 10(23C), the income of certain funds, Universities, educational institutions, hospitals, etc., are not includible in the total income. There are about fourteen sub-clauses to this section, and about 18 provisos. Among the institutions etc., this article is confined to educational institutions only for the purpose of brevity.

Types of educational Institutions eligible for exemption u/s 10(23C):

i) The first class of educational institution dealt with in the Income tax Act is which is financed by the Government. Any income received on behalf of educational institutions existing solely for educational purposes and not for purposes of profit, and which is wholly and substantially financed by the Government is exempt under sub-clause (iiiab).

Refer circular:  incometaxindia.gov.in/circular/circular14

Also refer the article::  articles/704a254c/expert_article

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