Section 10(23c)iiiae

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Querist : Anonymous

Querist : Anonymous (Querist)

31 December 2012 Is there any conditions to avail the exemption under section 10(23C)iiiae of the Income Tax Act?
and
What is the relation in between the section 11&12 and Section 10(23C)iiiae?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 December 2012 The condition prescribed is in relation to the aggregate annual receipts and the max. limit is of Rs. 1 crore.
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I could not find any condition as regards exemption continuance.
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In my view, Section 11& 12 provisions also do not have any impact on Section 10(23C)iiiae.
.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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04 January 2013 Yes there is relation between both the sections. If the educational Institution is formed through a Trust Deed and registered with the charity commissioner then the provisions of 11 & 12 will be governed. The section reads as under
(iiiad) Any university or other educational institution existing solely for educational purposes and not for purposes of profit if the aggregate annual receipts of such university or educational institution do not exceed the amount of annual receipts as may be prescribed;

In this case the exemption is to be procured from the Central Government mere CIT exemption cannot allow you the exemption for education institutional where the gross income exceeds the limit

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Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2013 Thanks Mr. Aggarwal for your valuable reply. But my ques was on section 10(23C)(iiiae) instead of (iiiad). If you opined that same provision shall apply in the clause (iiiae) then do we have to satisfy the condition of Section 11 & 12.

and 1 more issue i have. if you may please express your valuable advice on it.

Is there any requirement to obtain regn certificate under section 12A(a) for claiming exemption under section 10(23C)(iiiae).
And if we get registered, under section 12A(a) then what is the compliance are required to comply.