Accumulation of income allowed to be retained indefinitely for charitable purposes, must be invested in prescribed statutory forms. An organisation may accumulate 15 per cent of its income indefinitely to be utilised for the charitable or religious purposes for which it was created; ... Summary
Accumulation of income allowed to be retained indefinitely for charitable purposes, must be invested in prescribed statutory forms.
An organisation may accumulate 15 per cent of its income indefinitely to be utilised for the charitable or religious purposes for which it was created; until utilisation, the accumulated amount must be invested in the statutory prescribed forms specified by the income-tax provision.
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