https://www.taxtmi.com/acts?id=3163 Income from property held under trust for charitable or religious purposes is excluded from total income to the extent applied to such purposes in India; limited accumulation or setting apart is permitted if a prescribed statement is furnished to the Assessing Officer and the funds are invested or deposited in specified modes. Misapplication, diversion, breach of corpus conditions, improper credit to certain registered entities, or failure to observe investment and deposit rules causes the amount to be deemed the trust's income for the relevant previous year. "Property held under trust" includes business undertakings subject to Assessing Officer determination. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 27 Aug 2025 11:43:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3163 Income from property held under trust for charitable or religious purposes is excluded from total income to the extent applied to such purposes in India; limited accumulation or setting apart is permitted if a prescribed statement is furnished to the Assessing Officer and the funds are invested or deposited in specified modes. Misapplication, diversion, breach of corpus conditions, improper credit to certain registered entities, or failure to observe investment and deposit rules causes the amount to be deemed the trust's income for the relevant previous year. "Property held under trust" includes business undertakings subject to Assessing Officer determination. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3163