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Exemption Under Section 10(23C)

Income Tax - Charitable, Religious, Educational Trust or Institutions or Organizations and Political Parties - 02 - Section - 10 (23C) Any income received by any person on behalf of the following is exempt from tax: The Prime Minister's National Relief Fund The Prime Minister's Fund (Promotion of Folk Art) The Prime Minister's Aid to Students Fund The National Foundation for Communal Harmony The Swachh Bharat Kosh, set up by the Central Government The Clean Ganga Fund, set up by the .....

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for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, and which is wholly or substantially financed by the Government Any university or other educational institution existing solely for educational purposes and not for purposes of profit if the aggregate annua .....

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t, if the aggregate annual receipts of such hospital or institution do not exceed the amount of annual receipts as may be prescribed [Amount prescribed is ₹ 1 crore under Rule 2BC] Any other fund or institution established for charitable purposes which may be approved by the prescribed authority, having regard to the objects of the fund or institution and its importance throughout India or throughout any State or States Any trust (including any other legal obligation) or institution wholly .....

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y the Government and which may be approved by the prescribed authority To consider a university as a whole or substantially financed by government as contemplated u/s 10(23C), funds received from government must be direct grants/contributions from governmental source and not fees collected from students under statue. Conditions for claiming exemption:- At the time of making the application in Form no. 56 or 56D, the Trust or institution shall furnish such documents including audited annual accou .....

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invest or deposit its funds, other than- any asset held form part of corpus of the fund, trust or institution or any university or any other educational institution or any hospital or any other medical institution as on 1-6-1973 any asset, being equity shares of a public company, held by any university or other educational institution or any hospital or other medical institution where such assets form part of the corpus as on 1-6-1998 any assets (being debentures issued by, or on behalf of, any .....

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proviso shall be inserted to clause (23C) of section 10 by Finance Act, 2017, w.e.f. 1-4-2018 ( Restriction on exemption in case of corpus donation by exempt entities to other exempt entities registered u/s 12AA) Provided also that any amount credited or paid out of income of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), to a .....

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