{"id":55,"date":"2014-12-16T00:00:00","date_gmt":"2014-12-15T18:30:00","guid":{"rendered":""},"modified":"2015-12-29T10:33:27","modified_gmt":"2015-12-29T05:03:27","slug":"meaning-of-substantially-financed-by-the-government-for-the-purposes-of-clause-23c-of-section-10-cbdt-notification","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/meaning-of-substantially-financed-by-the-government-for-the-purposes-of-clause-23c-of-section-10-cbdt-notification\/","title":{"rendered":"Meaning of “Substantially financed by the Government” for the purposes of clause (23C) of section 10 – CBDT Notification"},"content":{"rendered":"
\n

<\/a> <\/p>\n

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,
\nPART-II, SEC. 3, SUB-<\/strong>SECTION (ii)]<\/strong> <\/span><\/p>\n

MINISTRY OF FINANCE DEPARTMENT OF REVENUE<\/strong><\/p>\n

(CENTRAL BOARD OF DIRECT TAXES)<\/strong> <\/span>  <\/span><\/p>\n

NOTIFICATION<\/strong> <\/span><\/p>\n

INCOME-TAX<\/strong> <\/span><\/p>\n

New Delhi, the 12<\/strong>th<\/sup><\/strong> December, 2014<\/strong><\/p>\n

 <\/p>\n

S.O. <\/strong>3168 (E). \u2013 In exercise of the powers
\nconferred by section 295 read with sub-clauses (iiiab) and <\/strong>(iiiac) of
\nclause (23C) of section 10of the Income-tax Act, 1961 (43 of 1961), the Central
\nBoard of Direct Taxes hereby makes the following rules further to amend the
\nIncome-tax Rules, 1962, namely:-<\/p>\n

 <\/p>\n

1.  (1) 
\nThese rules may be called the Income-tax (13th<\/sup> 
\nAmendment) Rules, 2014. <\/p>\n

(2)  
\nThey
\nshall come into force from the date of their publication in the Official
\nGazette. <\/p>\n

 <\/p>\n

2.       
\nIn the Income-tax Rules, 1962, after rule
\n2BBA the following rule shall be inserted, namely:-\u201c 2BBB.Percentage of
\nGovernment Grant for considering university, hospital etc. as <\/strong>substantially financed
\nby the Government for the purposes of clause (23C) of section 10.<\/strong><\/p>\n

 <\/p>\n

For the
\npurposes of sub-clauses (iiiab) and (iiiac) of clause (23C)of section 10, any
\nuniversity or other educational institution, hospital or other institution
\nreferred therein, shall be considered as being substantially financed by the
\nGovernment for any previous year, if the Government grant to such university or
\nother educational institution, hospital or other institution exceeds fifty
\npercent. of the total receipts including any voluntary contributions, of such
\nuniversity or other educational institution, hospital or other institution, as
\nthe case may be, during the relevant previous year.\u201d.<\/p>\n

 <\/p>\n

 <\/p>\n

[Notification
\nNo.79 \/2014\/F.No.142\/12\/2014-TPL]<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

(Ashish Kumar)<\/p>\n

Director (Tax Policy and
\nLegislation) <\/p>\n

Note. – The principal rules were
\npublished in the Gazette of India vide notification number S.O. 969 (E) dated
\nthe 26th<\/sup>
\nMarch, 1962 and was last amended by the Income- tax Rules, vide notification
\nS.O. No.3015 dated 28th<\/sup> November, 2014.<\/p>\n

 <\/p>\n<\/p><\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES)    NOTIFICATION  INCOME-TAX  New Delhi, the 12th December, 2014   S.O. 3168 (E). \u2013 In exercise of the powers conferred by section 295 read with sub-clauses (iiiab) and (iiiac) of clause (23C) of section 10of the Income-tax Act, 1961 (43 of 1961), the Central Board … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[31,26],"yoast_head":"\nMeaning of "Substantially financed by the Government" for the purposes of clause (23C) of section 10 - CBDT Notification - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/income-tax\/meaning-of-substantially-financed-by-the-government-for-the-purposes-of-clause-23c-of-section-10-cbdt-notification\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meaning of "Substantially financed by the Government" for the purposes of clause (23C) of section 10 - CBDT Notification - All About Finance\" \/>\n<meta property=\"og:description\" content=\"MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES)    NOTIFICATION  INCOME-TAX  New Delhi, the 12th December, 2014   S.O. 3168 (E). \u2013 In exercise of the powers conferred by section 295 read with sub-clauses (iiiab) and (iiiac) of clause (23C) of section 10of the Income-tax Act, 1961 (43 of 1961), the Central Board ... 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