Section 22(3) in The Indian Institutes of Management Act, 2017
(3)Each Institute shall create a corpus fund for long term sustainability of the Institute, to which shall be credited such per cent. of the net income of the Institute and donations made specifically towards such corpus fund as the Central Government may in accordance with the provisions of the Income tax Act, 1961 (43 of 1961), notify:Provided that the Board may also create endowment funds for specific purposes to which donations may be specifically made.
