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of <h1>Finance Bill 2023: Key Changes to Section 11 Affecting Charitable Income and Investment Rules Effective April 2023 and 2024.</h1> The amendment to section 11 of the Income-tax Act in the Finance Bill, 2023, revises the treatment of income from property held for charitable or religious purposes. Key changes include requiring options to be exercised at least two months before the due date for income return filing, and introducing conditions for treating amounts as applications for charitable purposes. Investments or deposits from the corpus must be made within five years, and similar conditions apply to loans or borrowings. Additionally, only 85% of amounts credited to certain institutions will be considered for charitable purposes. These amendments take effect from April 2023 and 2024, affecting subsequent assessment years.
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