TaxTMI 
TaxTMI 
Specified Income - Section 337 ( New) / Section 11, 13, 115BBC and 115BBI (Old)
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....ofit organisation other than a registered non-profit organisation created or established,- (i) wholly for religious purposes, or (ii) wholly for charitable and religious purposes (excluding anonymous donation made with a specific direction that such donation is for any university or other educational institution or any hospital; or other medical institution run by such registered non-profit organisation), excluding the anonymous donations up to Rs. 100000 or 5% of the total donations received by it during the tax year, whichever is higher. Tax year in which such anonymous donation is received. 2. Any portion of income applied by it, directly or indirectly, for the benefit of any related person, comp....
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.... portion of accumulated income, if it is credited or paid to any other registered non-profit organisation. Tax year in which it is so credited or paid. 10. Any income applied to purposes other than charitable or religious purposes for which it is registered. Tax year in which it is so applied. 11. Any income determined by the Assessing Officer under section 344 in excess of income shown in the books of account of such business undertaking. Tax year to which such income relates. 12. Fair market value of any asset, where it is not held in forms or modes specified in paragraph 1(1) to (30) of Schedule XVI even after the expiry of one year from the end of the tax year in which such asset is ....
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....ns are excluded, subject to the conditions in the provision. Benefit to specified/related persons Section 13(1)(c) read with section 13(3) restricted exemption where income or property of the trust/institution was applied directly or indirectly for the benefit of specified persons. Section 337, Sl. No. 2 treats the portion of income applied directly or indirectly for the benefit of a related person as specified income. Application outside India Section 11(1)(c) dealt with income applied outside India and prescribed the circumstances in which such application could qualify for exemption. Section 337, Sl. No. 3 specifically treats income applied outside India in contravention of section 338(a) as specified ....
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....was not applied for the specified purpose within the permitted period. Section 337, Sl. No. 8 treats such amount as specified income in the last tax year for which the income was accumulated or set apart. Payment/credit to another organisation The 1961 Act dealt with application/accumulation of income through the framework of section 11; the consequences were not consolidated in a separate "specified income" table. Section 337, Sl. No. 9 expressly provides that accumulated income credited or paid to another registered NPO constitutes specified income. Application for non-charitable/non-religious purposes Sections 11 and 13 governed exemption where income was not applied for eligible charitable or religiou....