Accumulation conditions for charitable income require a prescribed statement and allow exclusion for periods delayed by court orders. The amendment requires furnishing a prescribed statement to the Assessing Officer detailing the purpose and period (not exceeding five years) for which charitable or religious income is accumulated, mandates investment or deposit in prescribed forms or modes, and requires that the statement be filed on or before the due date for the return. It further provides that periods when income could not be applied due to a court order or injunction are excluded in computing the accumulation period.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Accumulation conditions for charitable income require a prescribed statement and allow exclusion for periods delayed by court orders.
The amendment requires furnishing a prescribed statement to the Assessing Officer detailing the purpose and period (not exceeding five years) for which charitable or religious income is accumulated, mandates investment or deposit in prescribed forms or modes, and requires that the statement be filed on or before the due date for the return. It further provides that periods when income could not be applied due to a court order or injunction are excluded in computing the accumulation period.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
