Section 11 2 Of Income Tax Act
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Accumulation of income in excess of 15 of the income earned section 11 2 and rule 17 as already mentioned assessee is allowed to accumulate upto 15 of the income earned during the year for application for charitable or religious purposes in india in future.
Section 11 2 of income tax act. 2 2 3 where seventy five per cent of the income refer red to in clause a or clause b of sub section 1 read with the explanation to that sub section is not applied or is not deemed to have been applied to charitable or religious purposes in india during the previous year but is accumulated or set apart either in whole or in part for application to such purposes in india such income so accumulated or set apart shall not be included. Section 11 2 in the income tax act 1995. Educational institutions which come under the provisions of sec 10 23c 1.
Income received in the form of voluntary contributions with a specific direction that they shall form part of corpus of the trust or institution. Section 2 11 in the income tax act 1995 11 6 block of assets means a group of assets falling within a class of assets being buildings machinery plant or furniture in respect of which the same percentage of depreciation is prescribed 1. Substituted for commissioner by the direct tax laws amendment act 1987 w.
Such income so accumulated or set apart is not included in the total income of the trust in the year of receipt of income. Income received derived from property held by charitable trust societies and if it is utilised for charitable or religious purposes exemption can be claimed under section 11. Accumulation of income section 11 2 where 85 of the income is not applied to charitable or religious purposes the charitable trust or institution may accumulate or set apart either the whole or part of its income for future application for such purposes.
Government educational institution applicable provision sec 10 23c iiiab 2.
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