Charitable trust definition clarified by substituting explicit 'trust for charitable purposes' to align statutory language. Clause (b) of the relevant income-tax provision is amended to replace the phrase "trust or charitable institution" with "trust for charitable purposes or ... Summary
Charitable trust definition clarified by substituting explicit 'trust for charitable purposes' to align statutory language.
Clause (b) of the relevant income-tax provision is amended to replace the phrase "trust or charitable institution" with "trust for charitable purposes or a charitable institution", the substitution being declared to have always been in effect; the amendment expressly ties the concept of a trust to charitable purposes while retaining charitable institutions within the provision.
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