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of <h1>New Compliance Register for Charitable Trusts u/ss 11(2) & 11(3) to Ensure Proper Fund Utilization and Monitoring.</h1> Under sections 11(2) and 11(3) of the Income-tax Act, 1961, charitable and religious trusts can accumulate income if they apply within the prescribed period, specifying accumulation details, and invest in approved forms. If the accumulated income is misapplied, not invested correctly, or not used as intended, it is taxed in the year of such breach. A study highlighted inadequate monitoring by Income-tax Officers. To address this, a register is introduced for tracking compliance with these provisions. Income-tax Officers must maintain and inspect this register to ensure proper utilization of accumulated funds. Inspecting Assistant Commissioners will oversee this process.
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