TMI BlogIncome-tax (1st Amendment) Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Rules, 1962 (hereinafter referred to as the said rules), for rule 17 , the following rule shall be substituted, namely:- 17. Exercise of option etc under section 11 . (1) The option to be exercised in accordance with the provisions of the Explanation to sub-section (1) of section 11 in respect of income of any previous year relevant to the assessment year beginning on or after the 1st day of April, 2016 shall be in Form No. 9A and shall be furnished before the expiry of the time allowed under sub-section (1) of section 139 for furnishing the return of income of the relevant assessment year. (2) The statement to be furnished to the Assessing Officer or the prescribed authority under sub-section (2) of section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcise the option referred to in clause (2) of the Explanation to sub-section (1) of section 11 of the Income-tax Act, 1961 for an amount of Rs ..(detailed in A below) to be deemed to be the income applied for charitable or religious purposes during the previous year 20..- 20.. for the reasons mentioned in B below. A. The details of income in this regard are: (i) Amount of income derived from property held under trust / held under trust in part, during the above mentioned previous year: Rs .; (ii) Amount of income [out of (i)] actually applied to charitable or religious purposes in India: Rs .; (iii) Amount of income referred to in (ii) that falls short of 85% of the income referred to in (i) : Rs ..; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 20 .-20 ., an amount of Rs .. which is ..per cent of the income of the trust/institution/association for the said previous year, shall be accumulated or set apart for carrying out the purposes of the trust/association/institution. The details of the amount, the purpose and period of the proposed accumulation or setting apart is as under:- Sr. No. Purpose for which amount is being accumulated or set apart Amount Period of accumulation/setting apart ending on 1 2 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulated or set apart:- S.No. Amount of income Previous year in which accumulated or set apart Period during which it could not be applied due to court order Details of court order Date: . Signature Designation . Address . Notes: 1. This statement should be signed by a trustee/principal officer. 2. Delete the inappropriate words. . [F. No. 142/16/2015-TPL] (R Lakshmi Narayanan) Under Secretary (Tax Policy and Legislation) Note:- The principal rules were published in the Gazett ..... X X X X Extracts X X X X X X X X Extracts X X X X
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