How to claim exemption ?

Arihant (Business) (207 Points)

16 April 2013  

In case of a college registered under a trust registered under 12A, whether exemption u/s 10(23)(c) will be denied if receipts exceed 1 crore ? i.e. if the college is registered as a trust whether it will be mandatory to take exemption u/s 10(23)(c) or can we apply 85% of gross receipts even if they exceed 1 crore ?