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of <h1>Income-tax Act Section 11 Amended: Changes in Income Accumulation Percentages and New Clause for Income Management</h1> Section 11 of the Income-tax Act is amended effective April 1, 2003, by the Finance Act, 2002. The amendments reduce the percentage in sub-section (1) clauses (a) and (b) from twenty-five percent to fifteen percent, and in the Explanation, from seventy-five percent to eighty-five percent. Sub-section (2) also changes seventy-five percent to eighty-five percent and adds an Explanation regarding income not applied but accumulated for certain institutions. Sub-section (3) introduces a new clause (d) and modifies wording related to income management. Sub-section (3A) includes a proviso restricting the Assessing Officer from allowing certain income applications.
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