https://www.taxtmi.com/acts?id=50130 The amendment allows exemption for income of trusts for charitable or religious purposes to the extent applied in India and permits limited accumulation or setting apart for future application; voluntary contributions count as income for computing the permissible accumulation; taxpayers may elect in writing to deem shortfalls as applied in the year of derivation subject to filing deadlines; failure to apply elected amounts within the specified subsequent period causes those amounts to be treated as the recipient's income; accumulated amounts may be redirected to alternative charitable purposes with tax officer approval where original application becomes impossible. en-us Tue, 04 Mar 2025 17:41:21 +0530 Tue, 04 Mar 2025 17:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50130 The amendment allows exemption for income of trusts for charitable or religious purposes to the extent applied in India and permits limited accumulation or setting apart for future application; voluntary contributions count as income for computing the permissible accumulation; taxpayers may elect in writing to deem shortfalls as applied in the year of derivation subject to filing deadlines; failure to apply elected amounts within the specified subsequent period causes those amounts to be treated as the recipient's income; accumulated amounts may be redirected to alternative charitable purposes with tax officer approval where original application becomes impossible. Act-Rules F. Acts / Amendment Acts Tue, 04 Mar 2025 17:41:21 +0530 https://www.taxtmi.com/acts?id=50130