Specified income rules consolidate taxation of non-profit compliance failures, including donation, accumulation, investment, application, and corpus-related defaults.

Section 337 consolidates specified income of registered non-profit organisations and fixes the tax year in which each category becomes taxable. It covers taxable anonymous donations beyond the applicable exclusion, diversion of income for related persons, prohibited overseas application, non-compliant investments or deposits, and corpus-condition breaches. It also covers misuse, cessation, non-utilisation, transfer, or improper application of accumulated income; application outside registered charitable or religious objects; excess business income; assets retained outside permitted modes; and unapplied deemed application.

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