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of <h1>Amendments to Income-tax Act Section 11: Changes in Depreciation Deductions and Income Exclusion for Charitable Trusts</h1> Clause 7 of the Finance (No. 2) Bill, 2014 proposes amendments to section 11 of the Income-tax Act, concerning income from property held for charitable or religious purposes. The amendments introduce sub-sections (6) and (7), effective April 1, 2015. Sub-section (6) mandates that income applied or set aside for application should be calculated without depreciation deductions for assets acquired as income applications. Sub-section (7) states that trusts or institutions with valid registration under section 12AA or 12A cannot exclude income derived from trust property from total income, except under specific clauses of section 10. These changes apply from the 2015-16 assessment year onward.
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