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of <h1>Finance Act 2021 Amends Income-tax Act: Changes to Section 11 on Voluntary Contributions and Income Applications</h1> The Finance Act, 2021 amends section 11 of the Income-tax Act, effective April 1, 2022. In sub-section (1), clause (d) now requires that voluntary contributions to institutions be invested in specified forms or modes for the corpus. New explanations clarify that applications from the corpus or loans for charitable or religious purposes are not treated as income applications unless reinvested or repaid from that year's income. Sub-section (2) and (3) amendments include references to section 12AB alongside section 12AA, impacting the calculation and treatment of income applications and accumulations.
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