10(23C) INSTITUTIONS MANDATORY FILING

All educational and medical institutions claiming exemption under Section 10(23C) shall be required to file the income tax return in case the total income exceeds (before claiming exemption under Section 10(23C)) the maximum amount not chargeable to tax, i.e., Rs. 1 lac at present. All educational and medical institutions claiming exemption under Section 10(23C) shall be required to get the accounts audited by a Chartered Accountant in case the annual receipt exceeds Rs. 1 crore and total income exceeds the maximum amount which is not chargeable to tax (presently Rs. 1 lac) and submit the audit report in Form 10BB.