[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,
PART-II, SEC. 3, SUB-SECTION (ii)]
MINISTRY OF FINANCE DEPARTMENT OF REVENUE
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 12th December, 2014
S.O. 3168 (E). – 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 of Direct Taxes hereby makes the following rules further to amend the
Income-tax Rules, 1962, namely:-
These rules may be called the Income-tax (13th
Amendment) Rules, 2014.
shall come into force from the date of their publication in the Official
In the Income-tax Rules, 1962, after rule
2BBA the following rule shall be inserted, namely:-“ 2BBB.Percentage of
Government Grant for considering university, hospital etc. as substantially financed
by the Government for the purposes of clause (23C) of section 10.
purposes of sub-clauses (iiiab) and (iiiac) of clause (23C)of section 10, any
university or other educational institution, hospital or other institution
referred therein, shall be considered as being substantially financed by the
Government for any previous year, if the Government grant to such university or
other educational institution, hospital or other institution exceeds fifty
percent. of the total receipts including any voluntary contributions, of such
university or other educational institution, hospital or other institution, as
the case may be, during the relevant previous year.”.
Director (Tax Policy and
Note. – The principal rules were
published in the Gazette of India vide notification number S.O. 969 (E) dated
March, 1962 and was last amended by the Income- tax Rules, vide notification
S.O. No.3015 dated 28th November, 2014.