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Rule 2BC Amount of annual receipt for the purpose of Section 10(23)(iiiad) and (iiiae) of Income Tax Act : Rule 2BC of Income Tax Rules 1962

Amount of Annual Receipts for the purposes of Section 10(23C)(iiiad) and (iiiae) of Income Tax Act. Rule 2BC of Income Tax Rules 1962 defines amount of annual receipts for the purposes of Section 10(23) of Income Tax Act.

 

 



Provisions in Income Tax Rules 1962 related to Rule 2BC is as under:

Amount of annual receipts for the purposes of sub-clauses (iiiad) and (iiiae) of clause (23C) of section 10.

2BC. (1) For the purposes of sub-clause (iiiad) of clause (23C) of section 10, the amount of annual receipts on or after the 1st day of April, 1998, of any university or other educational institution, existing solely for educational purposes and not for purposes of profit, shall be one crore rupees.
 
(2) For the purposes of sub-clause (iiiae) of clause (23C) of section 10, the amount of annual receipts on or after the 1st day of April, 1998, of any hospital or other institution 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, shall be one crore rupees.

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