Charitable trust investment rules: income taxable if funds are invested otherwise than in prescribed modes. Amendments to section 13 make income from business carried on by charitable trusts taxable unless incidental to a primary charitable purpose, and render income of charitable or religious trusts assessable where trust funds are invested or deposited otherwise than in specified permitted forms. The provision lists permitted investment modes for corpus and specified contributions-government savings certificates and securities, Post Office Savings Bank and nationalised bank accounts, Unit Trust units, government securities, fully government guaranteed debentures, and Government company investments-and excludes ordinary shares in non government companies from permitted corpus investments.
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Charitable trust investment rules: income taxable if funds are invested otherwise than in prescribed modes.
Amendments to section 13 make income from business carried on by charitable trusts taxable unless incidental to a primary charitable purpose, and render income of charitable or religious trusts assessable where trust funds are invested or deposited otherwise than in specified permitted forms. The provision lists permitted investment modes for corpus and specified contributions-government savings certificates and securities, Post Office Savings Bank and nationalised bank accounts, Unit Trust units, government securities, fully government guaranteed debentures, and Government company investments-and excludes ordinary shares in non government companies from permitted corpus investments.
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