Chp No:1 Name : Basic Concept (S, 1-4)
1) Mumbai University is assessable under the Income Tax Act as
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Mumbai University is assessable under the Income Tax Act as an individual.
Explanation:
- It is a public university located in Maharashtra in the city of Mumbai. They offer everything from bachelors, masters, and degrees of doctorate. The Governor of Maharashtra is the chancellor of it.
- Section 10(23C) explains that any university or educational institute shall be exempted from taxes of any kind.
- Since their incomes are reserved for the purpose of educational needs.
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