Taxation aspects of income of colleges, universities

A college or university is exempt u/s 10 (23) c if it is not for profit and wholly financed by govt or turnover is less than crore or approved by authority. The income of said university or college willbe exempt subject to cond of sec 11, if it doesnot fall under the above category the same will be taxable as per normal provisions of the act. I dont think audit is necessary but shld be claimed in prescribed form.