Charitable trust income rules: limited accumulation, deeming option for delayed application, and tax officer reallocation power. The amendment allows exemption for income of trusts for charitable or religious purposes to the extent applied in India and permits limited accumulation or setting apart for future application; voluntary contributions count as income for computing the permissible accumulation; taxpayers may elect in writing to deem shortfalls as applied in the year of derivation subject to filing deadlines; failure to apply elected amounts within the specified subsequent period causes those amounts to be treated as the recipient's income; accumulated amounts may be redirected to alternative charitable purposes with tax officer approval where original application becomes impossible.