TMI BlogExemption if income accumulated for specific purposes - Section 11(2)X X X X Extracts X X X X X X X X Extracts X X X X ..... dia during the previous year but is accumulated or set apart, either in whole or in part, for application to such purposes in India, such income so accumulated or set apart shall not be included in the total income of the previous year of the person in receipt of the income, provided: such person furnishes a statement in the prescribed Form 10 to the AO stating the purpose for which the income is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt, shall be excluded. Denial of exemption in case where the statement of accumulation is not filed by the due date As per section 13(9) , in case the statement in Form 10 is not submitted on or before the due date under section 139(1), then the benefit of accumulation would not be available and such income would be taxable at the applicable and such income would be taxable at the applicable rate. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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