21 April 2023
In the financial year 2015-16, a government-aided college (which received grant-in-aid solely for salaries) had gross receipts of over one crore, all of which were collected from students. Additionally, the college received interest of Rs. 31.06 lakh from its fixed deposits during the same period. Would the college's entire income be exempt from tax or would special permission be required for exemption? Can you please clarify?
CAclubindia
