SEO Sai Gr. Hosp.
208298 Points
Joined July 2016
As per my understanding, any registration with IT authority not required in your case, as
Approval of the prescribed authority is not required in case of university or educational institutions, if:
- They are wholly or substantially financed by the Government [ Sub Clause (iiiab) of Section 10(23C) ]
- Aggregate Annual Receipts do not exceed INR 1 Crore [ Sub Clause (iiiad) of Section 10(23C), read with rule 2BC ]
But, from 1.4.1999 onwards, any educational institution existing solely for educational purposes and not for purposes of profit (not falling under (iiiab) or (iiiad)) and approved by the Chief Commissioner or the Director General enjoys exemption under sub-clause (vi). The Central Board of Direct Taxes will authorise a particular Chief Commissioner of Director General for the Region to deal with such applications.
Still I would request to get it confirmed from your auditor/ experts for any latest notifications, and particularly the catagory of the institute IIM as per IT act.