Change of purpose for accumulated income requires formal approval or rejection, with reasons recorded by the Assessing Officer. Form No. 111 sets out the order under section 342(6) for a registered non-profit organisation seeking a change in the purpose for which income has been ... Summary
Change of purpose for accumulated income requires formal approval or rejection, with reasons recorded by the Assessing Officer.
Form No. 111 sets out the order under section 342(6) for a registered non-profit organisation seeking a change in the purpose for which income has been accumulated or set apart. It captures the applicant's particulars, the details of the application filed for change of purpose, hearing opportunities, and document identification number. The Assessing Officer must record either approval, permitting the income to be applied for other charitable or religious purposes in India consistent with the organisation's objects, or rejection with reasons.
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