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of <h1>Income Application for Charitable Trusts: Debt Repayment and Student Loans Clarified u/s 11 of Income Tax Act.</h1> Circular No. 100, dated January 24, 1973, addresses the application of income under Section 11 of the Income Tax Act for charitable and religious trusts. It clarifies that repayment of a debt incurred to fulfill a trust's objectives is considered an application of income for charitable purposes. Additionally, loans advanced by educational trusts to students for higher studies qualify as an application of income if the trust's primary objective is educational advancement, even if these loans are interest-bearing. When such loans are repaid, they are treated as income for the year they are returned.
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