Circular under section 119 of the Income-tax Act, 1961 - Conditions under which income from specific funds, trusts, institutions, universities, educational, or medical institutions can enjoy tax exemption under the Income-tax Act, 1961. - Illustrated by example. https://www.taxtmi.com/circulars?id=67225 Finance Act, 2023 provides that eligible donations by an exempt trust or institution to another qualifying entity shall be treated as application for charitable or religious purposes only to the extent of eighty-five percent of the donation; the donor need not invest the unrecognized fifteen percent under specified accumulation modes where the full amount has been transferred to the donee, as illustrated by a chained-donation example that explains computation of required application, recognized application against donations, permissible accumulation, and investment obligations. en-us Wed, 06 Mar 2024 00:00:00 +0530 Wed, 06 Mar 2024 17:25:00 +0530 TaxTMI RSS Generator Circular under section 119 of the Income-tax Act, 1961 - Conditions under which income from specific funds, trusts, institutions, universities, educational, or medical institutions can enjoy tax exemption under the Income-tax Act, 1961. - Illustrated by example. https://www.taxtmi.com/circulars?id=67225 Finance Act, 2023 provides that eligible donations by an exempt trust or institution to another qualifying entity shall be treated as application for charitable or religious purposes only to the extent of eighty-five percent of the donation; the donor need not invest the unrecognized fifteen percent under specified accumulation modes where the full amount has been transferred to the donee, as illustrated by a chained-donation example that explains computation of required application, recognized application against donations, permissible accumulation, and investment obligations. Circulars Income Tax Wed, 06 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67225