Income tax exemptions for VTU

An amendment bill to enable the Visvesvaraya Technological University (VTU) get income tax exemption was passed in the Legislative Assembly.

The bill comes in the wake of Income Tax department recovering Rs 439 crore as income tax from VTU for the assessment years 2004-05 to 2013-14. Section 23 of the Income Tax Act is being amended stating that funds and income of the university will solely be utilised for achieving the objectives of the university and no payment will be made by way of profit, interest or dividends.

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