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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on Taxability for Charitable Trusts: Key Rules u/ss 11(1) and 11(2) of the Income Tax Act.</h1> The circular clarifies the taxability of income for charitable trusts under sections 11(1) and 11(2) of the Income Tax Act, as they stood from April 1, 1962, to March 31, 1971. Trusts can accumulate 25% of their income or Rs. 10,000, whichever is higher, without tax liability under section 11(1)(a). If conditions in section 11(2) are met, these restrictions do not apply. Violations result in taxation under section 11(3). Donations are capital receipts, not income, and are excluded from the 25% limit, except for contributions from other trusts. Compliance with investment and reporting requirements is necessary for tax exemption.
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