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of <h1>Finance Act 1970 Revises Income Accumulation Rules for Charitable Purposes, Updates Section 11 of Income-tax Act</h1> The Finance Act, 1970, amends Section 11 of the Income-tax Act, effective April 1, 1971. The amendments remove specific clauses regarding income accumulation limits for charitable or religious purposes in India. A new explanation allows income applied within three months after the previous year to be considered as applied during that year. Sub-section (2) specifies conditions for excluding accumulated income from total income, requiring written notice to the Income-tax Officer and investment in approved securities or deposits. Sub-section (3) addresses income not used for specified purposes, deeming it taxable in the year of misuse or after the accumulation period ends. Sub-section (4) omits certain tax chargeability references.
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