The income of following education institution which exist solely for educational purposes and not for profit making is exempt from tax under section 10(23C) except:
A. If it is wholly or substantially financed by the Government
B. If the aggregate annual receipt does not exceed ₹ 1 crore
C. If the institution is approved by prescribed authority under conditions
D. If the annual receipts do not exceed ₹ 50 lakh
Answer:D
The income of following education institution which exist solely for educational purposes and not for profit making is exempt from tax under section 10(23C) except:
A. If it is wholly or substantially financed by the Government B. If the aggregate annual receipt does not exceed ₹ 1 crore C. If the institution is approved by prescribed authority under conditions D. If the annual receipts do not exceed ₹ 50 lakh