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of <h1>Income-tax Act Section 13 Amendments: Trust Income Exclusions Updated; New Deduction Rules Effective April 2023</h1> Section 13 of the Income-tax Act is amended to address income exclusions for trusts or institutions. Clause (c) is revised to ensure income benefiting specified persons is not excluded from total income. Clause (d) is amended to include income from non-specified investments. A new sub-section (10) allows deductions for specific expenditures if conditions are met, such as not using corpus funds or loans. Sub-section (11) prohibits deductions for expenditures or losses under other provisions. These changes apply from April 1, 2023, impacting the assessment year 2023-2024 and beyond.
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