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:-
1. (1) These rules may be called the Income-tax (13th Amendment) Rules, 2014.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, after rule 2BBA the following rule shall be inserted, namely:-
“ 2BBB.Percentage of Government Grant for considering university, hospital etc. as
substantially financed by the Government for the purposes of clause (23C) of section 10.
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]
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.