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of <h1>CBDT Clarifies Section 269T & Form 56: Total Income Includes Notional Income, Trust Compliance, and Exemptions Explained.</h1> The circular issued by the Central Board of Direct Taxes provides clarifications on the applicability of section 269T of the Income-tax Act, 1961, concerning amounts retained by agriculturists with commission agents. It addresses queries related to Form No. 56 for exemptions under section 10(23C)(iv) and (v). The clarifications include that 'total income' should include notional income, the term 'deemed to have been utilised' does not imply the application of section 11, and information in columns 16-18 of the form is for understanding compliance with the trust's objectives, not for applying sections 11 and 13. These clarifications also apply to Form No. 55.
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