Amendment of section 11

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.... from such property; (b) income derived from property held under trust in part only for such purposes, the trust having been created before the commencement of this Act, to the extent to which such income is applied to such purposes in India; and, where any such income is finally set apart for application to such purposes in India, to the extent to which the income so set apart is not in excess of twenty-five per cent. of the income from such property;"; (b) for the Explanation, the following Explanation shall be substituted, namely: - "Explanation.--For the purposes of clauses (a) and (b), - (1) in computing the twenty-five per cent, of the income which may be accumulated or set apart, any such voluntary....

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....n calculating the amount of income applied to such purposes, in the case referred to in sub-clause (i), during the previous year in Which the income is received or during the previous year immediately following, as the case may be, and, in the case referred to in sub-clause (ii), during the previous year immediately following the previous year in which the income was derived."; (ii) after sub-section (1A), the following sub-section shall be inserted, namely: - "(1B) Where any income in respect of which an option is exercised under clause (2) of the Explanation to sub-section (1) is not applied to charitable or religious purposes in India during the period referred to in sub-clause (a) or, as the case may be, sub-clause (b)....