Question

Chp No:1 Name : Basic Concept (S, 1-4)
1) Mumbai University is assessable under the Income Tax Act as​

Answer 1

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.