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Exemption u/s 11 - Restriction in respect of any amount credited or paid out of income being contributions with a specific direction that they shall form part of the corpus of the trust or institution shall not be treated as application of such contribution to charitable or religious purposes. - Budget 2017-18 w.e.f. AY 2018-19

Dated:- 2-2-2017 - Clause - 008 - Amendment of section 11. THE FINANCE BILL, 2017 Clause 8 of the Bill seeks to amend section 11 of the Income-tax Act relating to income from property held for charitable or religious purposes. Sub-section (1) of the said section provides that voluntary contributions made by a trust to any other trust or institution, except those made out of accumulated income, is considered as application of income for the purposes of its objects. It is proposed to insert a new .....

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