TMI BlogAmendment of section 11.X X X X Extracts X X X X X X X X Extracts X X X X ..... contributions are invested or deposited in one or more of the forms or modes specified in sub-section (5) maintained specifically for such corpus shall be substituted; (ii) after Explanation 3, the following Explanations shall be inserted, namely: Explanation 4. For the purposes of determining the amount of application under clause (a) or clause (b), (i) application for charitabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t so treated as application, or part thereof, shall be treated as application for charitable or religious purposes in the previous year in which the loan or borrowing, or part thereof, is repaid from the income of that year and to the extent of such repayment. Explanation 5. For the purposes of this sub-section, it is hereby clarified that the calculation of income required to be applied or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r institution shall not be included in the total income of the trust or institution. It is proposed to amend the said clause (d) so as to provide that such voluntary contributions should be invested or deposited in one or more of the forms or modes specified in sub-section (5) maintained specifically for such corpus. It is further proposed to insert a new Explanation 4 to sub-section (1) so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch repayment shall be allowed as application in the previous year in which it is repaid and to the extent it is repaid. It is also proposed to insert a new Explanation 5 to the said sub-section so as to provide that for the computation of income required to be applied or accumulated during the previous year, no set off or deduction or allowance of any excess application, of any of the year prec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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