MANAGEMENT

Detailed explanation-1: -The income of any university or other educational institution shall be exempt from tax under this provision on fulfilment of following conditions : It is existing solely for educational purposes. It is not existing for purpose of profit. It is not wholly or substantially financed by Government.

Detailed explanation-2: -According to the United States Internal Revenue Service (IRS), businesses can incur four basic kinds of federal taxes. They include income tax, self-employment tax, employment tax, and excise tax. In addition to these taxes, each state requires that businesses pay certain taxes.

Detailed explanation-3: -Relevant clauses are as under : (iiiab) Any University or other educational institution (iiiab) Any University or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government.