Taxability of income of veterinary council of india

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CA Tilak Raj Sharma (Querist)
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06 September 2014 I want to know whether the income of Veterinary Council of India is taxable or not. If exempted then please tell me the section under which it is exempted.

The details about the council is as under:

Indian Veterinary Council Act, 1984 (52 of 1984) was enacted in 1984 and was published in the Extraordinary Gazette of India dated 21st August, 1984 to regulate veterinary practice and to provide for that purpose, for the establishment of Veterinary Council of India and State Veterinary Councils and the maintenance of Registers of veterinary practitioners and for matters connected therewith.
Subsequent to enactment of the Indian Veterinary Council Act, 1984, the Central Government (Ministry of Agriculture) vide Gazette Notification dated 2nd August, 1989 for the first time constituted the Veterinary Council of India by nominating the Members as per the provisions of section 4 read with section 3 of the Act. Further, nominations were made by the Central Government from time to time to fill up the vacancies. The first election of Members to the Council under Section 3(3)(g) of the Act was conducted by the Central Government in 1999 and thereafter in 2003 & 2006.
The Veterinary Council of India is a body corporate and consists of 27 Members (14 nominated, 11 elected & 2 ex-officio).
Since its inception, the Council has been receiving 100% grants-in-aid from the Department of Animal Husbandry & Dairying, Ministry of Agriculture, Government of India under a Plan Scheme namely "Professional Efficiency Development" for undertaking the activities of the Council.

The office of the Council has 22 posts as approved/created by the Department of Animal Husbandry & Dairying.
The Indian Veterinary Council Act, 1984 extended, in the first instance, to the whole of the States of Haryana, Bihar, Orissa, Himachal Pradesh and Rajasthan and to all the Union Territories. Subsequently, different States have adopted the provisions of the Act and as on today the Act stands extended to all the States and UTs except Jammu and Kashmir.
After the enactment of the Act, State/UT Veterinary Councils have been established over a period of time. As on today, 25 State/UT Veterinary Councils have been established as per provisions of the Indian Veterinary Council Act, 1984.
As per the provisions of section 62 of the Indian Veterinary Council Act, 1984, the Accounts of the Council are to be audited by the Comptroller and Auditor General of India or any person appointed by him in this behalf. Accordingly, the accounts of the Council are audited by the representatives of the Principal Director of Audit, Economic and Service Ministries, Government of India every year. The Audited Accounts along with Audit Certificate and Annual Report of the Council are submitted to the Central Government for laying them on Table of both the Houses of Parliament.
For further details about the assessee you can find it at http://www.vci.nic.in/forms/Default.aspx

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Querist)
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09 September 2014 Nobody is there in this group to answer this.