Any income (other than income from house property and income from rendering any specific service or income by way of interest or dividend on investment) of an professional institution/association is exempt from tax, if the following conditions are satisfied:
1) Professional institution is established in India for the purpose of control, supervision, regulation or encouragement of the profession of law, medicine, accountancy, engineering or architecture or such other notified profession.
2) The institution applies its income, or accumulates it for application, solely to the objects for which it is established.
3) The institution is approved by the Central Government by general or special order.
Read more Articles on exemptions
Join our Practical GST Course:
with lifetime validity: https://cagurujiclasses.com/courses/gst-course-2022/
With limited validity: https://studywudy.com/courses/gst/
Join our Practical Income Tax, ITR & TDS Course:
with lifetime validity: https://cagurujiclasses.com/courses/practical-course-income-tax-itr-tds/
With limited validity: https://studywudy.com/courses/incometax/
