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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2023: Changes to Section 11 Affect Charitable Income Applications, Compliance Deadlines, and Payment Considerations.</h1> The Finance Act, 2023, amends Section 11 of the Income-tax Act, primarily affecting the treatment of applications of income for charitable or religious purposes. It revises deadlines for compliance, specifying actions must occur at least two months prior to due dates. New provisos stipulate conditions under which investments or repayments are recognized as applications, emphasizing compliance with specified conditions and timelines. From April 1, 2024, only 85% of certain payments to trusts or institutions will be considered for charitable purposes. Amendments also update references to clauses in sub-section (7), broadening applicable provisions.
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