Application of income rules amended: treatment of credited or paid amounts to specified institutions altered, limiting deemed application. Amendment revises section 11 to change proportionate thresholds for application of income and increases the residual percentage required for application; it adds an Explanation that amounts credited or paid to specified trusts, institutions, funds, universities, educational institutions, hospitals or medical institutions which are accumulated or set apart and not applied shall not be treated as application of income. Sub-section (3) is expanded to include amounts credited or paid to such entities and to treat payment or credit as modes of application, and sub-section (3A) is provisioined to prevent the Assessing Officer from allowing application by such payment or credit.
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Application of income rules amended: treatment of credited or paid amounts to specified institutions altered, limiting deemed application.
Amendment revises section 11 to change proportionate thresholds for application of income and increases the residual percentage required for application; it adds an Explanation that amounts credited or paid to specified trusts, institutions, funds, universities, educational institutions, hospitals or medical institutions which are accumulated or set apart and not applied shall not be treated as application of income. Sub-section (3) is expanded to include amounts credited or paid to such entities and to treat payment or credit as modes of application, and sub-section (3A) is provisioined to prevent the Assessing Officer from allowing application by such payment or credit.
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