Page 383 - DCOM301_INCOME_TAX_LAWS_I

Income Tax Laws – I

Notes 3. Approved games associations or institutions [Section 10(23)].
4. Any Regimental Fund or Non-public Fund [Section 10(23AA)].
5. An institution existing solely for the development of Khadi or Village industries [Section
10(23B)].
6. Authority established for the development of Khadi and Village Industries [Section
10(23BB)].
7. Anybody or authority constituted for the administration of public religious trusts or
endowments [Section 10(23BBA).
8. European Economic Community [Section 10(23BBB)].
9. Others : These include:

The Prime Minister’s National Relief Fund; or
The Prime Minister’s Fund (Promotion of Folk Art); or
The Prime Minister’s Aid to Students Fund; or
The National Foundation for Communal Harmony; or
Any university or other educational institution existing solely for educational
purposes and not for purposes of profits, which is wholly or substantially financed
by the government; or

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 the purposes of profits and
which is wholly or substantially financed by the government; or

Any university or other educational institution existing solely for educational
purposes and not for purposes of profit if the aggregate annual receipts of such
university or educational institution do not exceed the amount of annual receipts as
may be prescribed.

Notes Calculation of “Income from other sources”

Particulars
Dividend from foreign company
Less: collection charges
Interest on securities
Less: reasonable expenses in connection with the securities
Casual income (winnings from lottery, crow puzzles etc.)
Income from letting P&M, Building etc.
Less: depreciation and other expenses related with it
Family pension
Less: 1/3rd or 15000 whichever is less
Any other income
Less: expenses related with the income
Income from other sources

Contd...

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