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Section 11(2) - Exemption if income accumulated for specific purposes

Income Tax - Charitable, Religious, Educational Trust or Institutions or Organizations and Political Parties - 04 - SEC - 11(2): EXEMPTION IF INCOME ACCUMULATED FOR SPECIFIC PURPOSES Where 85% of the income referred above is not applied to charitable or religious purposes in India 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 .....

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ccumulated should be invested in any one or more of the modes/ forms specified in section 11(5). Point to be noted: As per amendment made by Finance Act, 2015 ,In order to remove the ambiguity regarding the period within which the assessee is required to file Form 10 ,and to ensure due compliance of the above condition within time, the Act has been amended to provide that the said Form shall be filed before the due date of filing return of income specified under section 139 of the Act for the fu .....

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