Application of income

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....b-section (1) shall include the following:-- (a) the amount invested or deposited back during the tax year, in the modes permitted under section 350 maintained specifically for such corpus, if-- (i) such investment or depositing back is made within five years from the end of the tax year in which such application of income was made from the corpus; and (ii) the application of income from the corpus is made after the 31st March, 2021 and there was no violation of any provision of this Part, or any corresponding provision of the Income-tax Act, 1961 (43 of 1961) with respect to such application; (b) the amount repaid, during the tax year, towards any loan or borrowing where,-- (i) such repayment is....

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....of, at the option of the registered non-profit organisation, may be treated as deemed application. (6) Any deemed application under sub-section (5) shall be applied by the registered non-profit organisation for its objects in India,- (a) during the tax year in which the income is received or in the tax year immediately succeeding such tax year, where such shortfall is for the reason that the whole or any part of the income has not been received during that tax year; (b) in the tax year immediately succeeding the tax year in which the income was derived, where such shortfall is for any other reason. (7) The option under sub-section (5) shall be exercised on or before the due date specified in section 263(1) for furnis....