1073. Exemption from requirement of deduction of income-tax at source on payment to Sri Sathya Sai Central Trust, Sri Sathya Sai Medical Trust and Sri Sathya Sai Institute of Higher Learning, Bangalore, whose incomes are exempt under section 10(23C) of the Income-tax Act, 1961

1. The matter regarding grant of exemption from deduction of income-tax at source under sections 194A, 194-I and 194K of the Income-tax Act on the payment of incomes to Shri Sathya Sai Central Trust, Sri Sathya Sai Medical Trust and Shri Sathya Sai Institute of Higher Learning, Bangalore, whose incomes are exempt for assessment years 2002-03 to 2004-05 under section 10(23C)( iv), 10(23C)( via) and 10(23C )(vi) of the Income-tax Act, 1961 respectively has been examined by the Board.

2. It has been decided by the Board that in the cases of Sri Sathya Sai Central Trust, Shri Sathya Sai Medical Trust and Shri Sathya Sai Institute of Higher Learning, Bangalore, the incomes by way of—

  (i)  interest other than ‘income by way of interest on securities’

 (ii)  rent, and

(iii)  income in respect of units of a Mutual Fund specified under section 10(23D) or of the Unit Trust of India

may be paid to these Institutions without deduction of income-tax at source. The provisions of this Circular shall be applicable for the financial years 2002-03 and 2003-04 (assessment years 2003-04 and 2004-05).

Circular : No. 12/2002, dated 22-11-2002.

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