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The Central Board of Direct Taxes issues the Income-tax (13th Amendment) Rules, 2014 to amend the Income-tax Rules, 1962. The rules set a specific threshold for government financing for universities, educational institutions, and hospitals. An institution is substantially financed by the Government if the government grant exceeds fifty percent of its total receipts during the relevant previous year. The total receipts include any voluntary contributions. The rules take effect on the date of publication in the Official Gazette.
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[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)
NOTIFICATION INCOME-TAX 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:-
(2) They shall come into force from the date of their publication in the Official Gazette.
For the 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.”.
[Notification No.79 /2014/F.No.142/12/2014-TPL]
(Ashish Kumar) Director (Tax Policy and Legislation)
Note. - The principal rules were published in the Gazette of India vide notification number S.O. 969 (E) dated the 26th March, 1962 and was last amended by the Income- tax Rules, vide notification S.O. No.3015 dated 28th November, 2014.
