https://www.taxtmi.com/circulars?id=9549 Trusts must apply for permission to accumulate income and invest accumulated amounts in prescribed modes; if such income is diverted, not invested as required, or not actually applied for the permitted purpose during the accumulation period or in the year immediately following, it is deemed to arise in the year of noncompliance. Income tax Officers must maintain and cross reference a prescribed register recording allowed accumulations, make entries for each assessment year to monitor compliance with accumulation and utilisation requirements, and inspect and verify that accumulated income is genuinely utilised for permitted purposes. en-us Mon, 23 Apr 1984 00:00:00 +0530 Mon, 06 Jun 2011 18:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9549 Trusts must apply for permission to accumulate income and invest accumulated amounts in prescribed modes; if such income is diverted, not invested as required, or not actually applied for the permitted purpose during the accumulation period or in the year immediately following, it is deemed to arise in the year of noncompliance. Income tax Officers must maintain and cross reference a prescribed register recording allowed accumulations, make entries for each assessment year to monitor compliance with accumulation and utilisation requirements, and inspect and verify that accumulated income is genuinely utilised for permitted purposes. Circulars Income Tax Mon, 23 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9549