An educational trust established solely for educational purpose running primary school in a village. Though there is no profit motive at all, the schools is making a profit around 30% of its gross receipts. The gross receipt of the school is below 1 Crore Rs.
My question is whether the income of the trust will be exempted u/s. 10(23C)?
According to the bare act reading of the Income Tax Act "any university or educational institution existing solely for educational purposes and not for purposes of profit if the aggregate annual receipts of such university or educational institution do not exceed Rs. 1 crore" qualifies for exemption u/s. 10(23C)(iiiad).
CA Rachit Jhaveri
Thank u sir............................
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