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IT return of educational institution (Trust) U/S 10(23C)(iiiab)

Respected Sir,

I have query regarding section 10(23C)(iiiab), How to file ITR of education institution u/s 10 (23C)(iiiab).

1) One of my client is National Institute of Technology (i.e. Deemed University) Under the Ministry of HRD, Govt. Of India fully financed by the Central Govt, providing education (i.e. B.Tech, M.Tech, M.B.A., M.C.A) to the student and Registered in Society Registration Act and Income Tax Act as a Trust. How to get the benefit of Section 10(23C) iiiab in ITR - 7 if they earns following Income during the Financial Year 2013-14:-

 

 Mr. Arora,

 

Income of institutions covered u/s 10(23C)(iiiab) is fully exempt.

following are the provisions for the Taxation of Educational Institution:-

 

Any income of a university or other educational institution existing solely for educational purposes and not for purposes of profit was exempt u/s.10(22). The Finance (No. 2) Act, 1998, while deleting S. 10(22) and amending S. 10(23C), has classified educational institutions into three categories.

1. S. 10(23C)(iiiab) provides that any income of any university or other educational institution existing solely for educational purposes and not for purposes of profit is eligible for exemption, provided it is wholly or substantially financed by the Government.

2. Where the educational institution is not financed by the Government and the aggregate annual receipt of the university or educational institution does not exceed Rs.100 lakhs, then any income of such educational institution or university is also exempt, subject to the condition that it exists solely for educational purposes and not for purposes of profit [S. 10(23C) (iiiad)].

2. Any university or other educational institution existing solely for educational purposes and not for purposes of profit and which is not financed wholly or substantially by the Government and the aggregate annual receipt of such institution exceeds Rs.100 lakhs, then the income will be exempt from tax, subject to approval by the prescribed authority. [S. 10(23C) (vi)].

further our conclusion for the audit is that audit report is not required.

Lipika

 

 

I want to know how we can claim the same in ITR as ITR 7 didnt show the column to claim exemption u/s 10(23C)(iiab).

 

Tripti

+91 8287950130

if exemption is claimed audit is compulsory. need to fill form 10BB if not then form 10B.

Which utility you are using to file the ITR JAVA, EXCEl or Taxation Software ?

Ms Tripti, In ITR there is a column no.15 in Part B-TI under which one can claim the deduction u/s 10(23C)(iiiab). Further according to my opinion act says no audit report is required to be filed by such an institution,hence you never find the column in Form 10BB for filling the data.

How to get certificate of exemption u/s 10(23C)(iiiab) of Income Tax Act,1961

How to get certificate of exemption u/s 10(23C)(iiiab) of Income Tax Act,1961

How to get certificate of exemption u/s 10(23C)(iiiab) of Income Tax Act,1961

File form 56D to CCITDGIT(E) for obtaining order

File form 56D to CCITDGIT(E) for obtaining order

In ITR7 it is asking certificate number of 10(23c)(iiiad). The turnover of below 1 crore educational institutes there is no certificate. Now how to enter the project details and certificate number for exemption u/s 10(23c)(iiiad) for the a.y.2018-19 returns. please suggest me

In ITR-7 while only on selecting section 11 option, option of claiming the Section 10(23C)(iiiab)get opened, but at the same time we have to fill the information of Projects Runs by Institutions, at that movement, option of Section 10(23C)(iiiab) not available, it gives only option 10(23C)(iv),(v),(vi)(via). While filling this ITR does not get validated. hence according to my opinion ITR-5 shall be filed.

While filling return of educational institute u/s 10(23C)(iiiad), which columns we have to fill while filling
8556059000

Is it compulsory to file ITR within the due date for claiming exemption u/s 10(23C)(iiiab)

Is it compulsory to file ITR within the due date for claiming exemption u/s 10(23C)(iiiab)? Also if an educational institution has failed to furnish return in one the preceeding previous years but after which it has been filing returns regularly. Will the exemption be available to such educational institution?

I am of th view that as per the proviso 10 to sec 10(23C) the audit is mandatory in respect of any fund, institution or trust or any university or other educational institution or any hospital or medical institution referred to in sub-clause (iv), (v), (vi) or sub-clause (via) if there income without allowing the benefit under said sub-clauses exceeds Rs. 2.50 lacs or Rs. 3.00 lacs.

Sir,
Pls enlighten the procedure for claiming tax exemption under section 12A and section 10(23c) for an Educational Society , registered under Societies Act in Telengana, NOT funded by Govt either partially or fully. Precisely for the financial year 2022 - 2023 ( the 1st year of Academic operation ) with total receipts of Rs.62 lakhs and with an operational loss of Rs.6 lakhs, before providing depreciation. The institution has not applied for Tax exemption yet. What ITR Form should be used ITR 5 or ITR 7 for the Asst. Yr 2023 - 2024. and what is the Due date for filing pls.

Sir I am working NBFC the government funded university deposited whether tds required or not he comes 10 (23C)

File ITR u/s 139(4C) to claim exemption under section 10(23C)(iiiab) of the act.

whether exemption is available if educational institutions under section 10(23C)(iiiab) with annual turnover of rs. 34 lakhs if the return of income is filed after due date for the a.y. 2023-223?

How to get tax exemption certificate under section 10(23C)(iiiab)?

How to get tax exemption certificate under section 10(23C)(iiiab)?

whether tds u/s-194c or 194j implies thathe exempted education institution is makinf profitable business ?

in updated return section 10(23) excemption or taxable

No audit required if exemption claimed under section 10(23C) (iiiab) of Income tax Act 1961

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