India - Income Tax Act 2010 - Saarc

1.79 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 10(23C)(iii) the Prime Minister’s Aid to Students Fund; 40 [or]41[(iiia) the National Foundation for Communal Harmony; or]42[(iiiab) any university or other educational institution 43 existing 43 solely 43for educational purposes and not for purposes of profit, andwhich is wholly or substantially financed by the Government; or(iiiac) any hospital or other institution for the reception and treatmentof persons suffering from illness or mental defectiveness or forthe reception and treatment of persons during convalescence orof persons requiring medical attention or rehabilitation, existingsolely for philanthropic purposes and not for purposes of profit, andwhich is wholly or substantially financed by the Government; or(iiiad) any university or other educational institution 43 existing 43 solely 43for educational purposes and not for purposes of profit if theaggregate annual receipts of such university or educationalinstitution do not exceed the amount of annual receipts as may beprescribed 44 ; or(iiiae) any hospital or other institution for the reception and treatmentof persons suffering from illness or mental defectiveness or forthe reception and treatment of persons during convalescence orof persons requiring medical attention or rehabilitation, existingsolely for philanthropic purposes and not for purposes of profit,if the aggregate annual receipts of such hospital or institutiondo not exceed the amount of annual receipts as may beprescribed 44 ; or]45[(iv) 46 any other fund or institution established for charitable purposes47[which may be approved by the prescribed authority 48 ], havingregard to the objects of the fund or institution and its importancethroughout India or throughout any State or States; or40. Reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier, itwas omitted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the samedate.41. Inserted by the Finance Act, 1993, w.e.f. 1-4-1993.42. Sub-clauses (iiiab) to (iiiae) inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.43. For the meaning of the terms/expressions “education”, “educational institution”, “othereducational institution”, “existing” and “solely”, see Taxmann’s Direct Taxes Manual,Vol. 3.44. Amount prescribed is Rs. 1 crore vide rule 2BC.45. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1990. Earlier, subclauses(iv) and (v) were omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1989 and later reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f.1-4-1989.46. For complete list of approved funds/institutions, see Taxmann’s Direct Taxes Circularsand Taxmann’s Yearly Tax Digest & Referencer.47. Substituted for “which may be notified by the Central Government in the Official Gazette”by the Finance Act, 2007, w.e.f. 1-6-2007.48. Prescribed authority is Chief Commissioner or Director General. See rule 2C and FormNo. 56. See also Notification No. SO 851(E), dated 30-5-2007. For details, see Taxmann’sMaster Guide to Income-tax Act.