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.
Rule 1 of Income Tax Rule 1962 - Short Title and Commencement
Rule 2 of Income Tax Rule 1962 - Definitions of Income Tax Rules
Rule 2A Limits for the Purposes of Salary income Income Tax Rules 1962
Rule 3 Valuation of Perquisites to employees and Tax on Perquisites: Rule 3 of Income Tax Rules 1962
Rule 4 Unrealized rent of Income from House Property: Rule 4 of Income Tax Rules 1962
Rule 5AA Prescribed authority for Investment Allowance: Rule 5AA of Income Tax Rules 1962