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of <h1>Finance Bill 2022: Trusts Must Apply 85% of Income When Paid, Not Accrued, Per Section 10(23C) & Section 11.</h1> The Finance Bill, 2022, clarifies that trusts or institutions must apply 85% of their income for specified purposes, meaning the income must be actually paid, not just accrued. This interpretation aligns with various court rulings. New explanations are added to section 10 clause (23C) and section 11, specifying that income is considered applied in the year it is paid, regardless of when the liability was incurred. Additionally, if a sum is claimed as applied in one year, it cannot be claimed in subsequent years. These changes are effective from April 1, 2022, applicable to the assessment year 2022-23 onwards.
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