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of <h1>Income Tax Bill 2025: Clause 342 allows non-profits to accumulate income for 5 years with Assessing Officer notification.</h1> Clause 342 of the Income Tax Bill, 2025, outlines provisions for the accumulation of income by registered non-profit organizations. These organizations may set aside income for up to five years by notifying the Assessing Officer with the required details. Income transferred to another registered non-profit is not considered as applied income. The five-year period excludes any time under court orders. Accumulated income must be invested as per section 350 or used for stated purposes. Organizations may request a change of purpose for accumulated income, subject to approval. If dissolved, they can apply to redirect income to another non-profit.
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