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of <h1>Amendment to Section 11: Religious Trusts Can Include Renovation Contributions in Corpus, Subject to Conditions</h1> Section 11 of the Income-tax Act is amended to allow trusts or institutions holding properties like temples, mosques, or churches to treat voluntary contributions for renovations as part of their corpus, provided they meet specific conditions, such as maintaining the corpus separately and investing it as specified. Violations of these conditions will result in the contributions being considered income. Amendments to sub-section (3) specify when accumulated income is deemed income if not properly utilized. An explanation clarifies that sums paid by trusts are considered income in the year paid, not when the liability was incurred. These changes take effect from April 2021, 2022, and 2023.
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