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"The Central Board of Direct Taxes (CBDT) has mandated that  universities, educational institutions, hospitals, and medical institutions  that enjoy tax exemption must keep and maintain books of account and other  documents for a period of 10 years from the end of the relevant assessment  year.The CBDT has notified the Income-tax (24th Amendment) Rules,  2022 with a view to tightening the rules regarding the tax exemption for  universities, educational institutions, hospitals, and medical institutions.    Sections 10 (23C) and 12(A) of the Income Tax Act allow the  tax department to extend tax exemption on income received by the entities,  namely every fund, institution, trust, any university, other educational  institution, any hospital or medical institution, including voluntary  donations.    The books of account include the cash book; ledger; journal;  copies of bills, whether machine numbered or otherwise serially numbered;  original bills wherever issued to the person; receipts in respect of payments  made by the person; and any other book that may be required to be maintained in  order to give a true and fair view of the state of the affairs of the person  and explain the transactions effected.    The CBDT notified that the books of accounts and other  documents may be kept in written form or in electronic form or in digital form  or as print-outs of data stored in electronic form or in digital form or any  other form of electromagnetic data storage device.    The fund, institution, or trust, or any university or other  educational institution, or any hospital or other medical institution, shall  keep and maintain the books of account and other documents specified in  sub-rule (1) at its registered office.    'Where the assessment in relation to any assessment  year has been reopened under section 147 of the Act within the period specified  in section 149 of the Act, the books of account and other documents which were  kept and maintained at the time of reopening of the assessment shall continue  to be so kept and maintained till the assessment so reopened has become  final,' the CBDT notified.    Notification No. 94/2022    Dated: 10.08.2022    Click Here To Read/Download Notification"
<https://www.livelaw.in/news-updates/central-board-of-direct-taxes-cbdt-tax-exemption-educational-institution-medical-institution-206735>