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of <h1>Finance Bill 2021 Amends Income-tax Act Section 11: New Rules for Corpus Fund Investments and Income Applications</h1> Clause 6 of the Finance Bill, 2021 proposes amendments to section 11 of the Income-tax Act, effective April 1, 2022. The amendments require voluntary contributions to be invested in specified forms for corpus funds and clarify that applications from corpus or loans are not immediately considered as income application for charitable or religious purposes. However, they are recognized when reinvested or repaid. Additionally, new explanations clarify the calculation of required income application without considering excess application from previous years. References to section 12AB are included for registration procedures, impacting assessment from 2022-2023 onwards.
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