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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clause 341 defines 'application of income' for registered non-profits, adds deemed-application and capital gains rules in Act</h1> Clause 341 in the Bill and the enacted Act both define 'application of income' for registered non-profits, allowing payments for registered charitable/religious purposes (subject to payment timing and allowability under cross-referenced tax provisions), treating donations to other registered entities at 85% while treating corpus donations as nil, and permitting reinvestment/loan repayment as application if made within five years and meeting compliance conditions. The Act adds a deemed-application mechanism tied to an 85% regular-income target and detailed capital-gains-as-application rules, which are absent from the Bill, creating greater procedural obligations and clarity in the Act.
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