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of <h1>Finance Act 2015 amends Section 11: New form requirements and five-year limit for income accumulation.</h1> Section 11 of the Income-tax Act was amended by the Finance Act, 2015, effective April 1, 2016. Changes include altering the requirement for exercising an option under sub-section (1), now necessitating it be done in a prescribed form and manner before the deadline for filing income returns under section 139(1). Sub-section (2) was revised to require individuals to submit a statement detailing the purpose and duration of income accumulation, not exceeding five years, and ensuring investments align with sub-section (5) specifications. The five-year period excludes time when income application is hindered by court orders.
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