Part XIVAMENDMENTS TO CERTAIN ACTS TO PROVIDE FOR MERGER OF TRIBUNALS AND OTHER AUTHORITIES AND CONDITIONS OF SERVICE OF CHAIRPERSONS, MEMBERS, ETC. (From Section 156 to Section 189 )
Trust contributions directed to form corpus not treated as application of income under the Income-tax amendment. The amendment adds Explanation 2 clarifying that any amount credited or paid out of income described in clause (a) or clause (b) read with Explanation 1 ... Summary
Trust contributions directed to form corpus not treated as application of income under the Income-tax amendment.
The amendment adds Explanation 2 clarifying that any amount credited or paid out of income described in clause (a) or clause (b) read with Explanation 1 to another trust or institution registered under section 12AA, when given with a specific direction that it shall form part of the recipient's corpus, shall not be treated as application of income for charitable or religious purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.