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TMI BlogIncome from property held for Charitable or religious purpose - Section 11(1)X X X X Extracts X X X X X X X X Extracts X X X X ..... uring that year (Outstanding) Assessee submits a declaration to the assessing officer on or before the due date of filing of return that such income shall be applied to such purposes in the year of receipt or in the immediately succeeding year, then such amount is treated as deemed to be applied in current PY. If such income is not applied to such purposes in the year of receipt or in the immediately succeeding year, then the amount not so applied shall be deemed to be the income of the next year in which such amount received and taxable @ 30% u/s 115BBI . ii. for any other reason and assessee submit a declaration to the assessing officer on or before the due date [at least two months prior to the due date specified u/s 139 . Amendment made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as application for trust. The same would be treated as application in the year in which TDS deposited. Explanation 3A : Treatment of certain donation to specified trust u/s 80G [Added by FY 2022 w.e.f. AY 2021-22] If trust having temple, mosque, gurdwara, church or other place notified u/s 80G(2)(b) , received any donation for repair or renovation of such places then trust may treat such sum as corpus donation if following conditions are satisfied: - (a) Such donation should be utilised for repair or renovation (b) Such amount should not be donated to any person, (c) Maintains such corpus as separately identifiable, and (d) Invested/deposited in modes specified u/s 11(5) . Explanation 3B : Voilation [Added by FY 2022 w.e.f. AY 2021-22] If ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s application for PY 2022-23. Suppose in PY 2023-24 Trust deposited back ₹ 7 lakhs in corpus fund out of income of PY 2023-24 then ₹ 7 lakhs shall be treated as application for PY 2023-24. (ii) Amount applied from any loan or borrowing shall not be treated as application in current year, When such loan or borrowing is repaid from the income of any subsequent PY, such repayment shall be allowed as application in the PY in which it is repaid and to the extent it is repaid. if following conditions are satisfied: - (a) in clause (c) of the section 11(1); (b) in Explanations 2, 3 and 5 of section 11(1); (c) in the Explanation to section 11; and (d) in section 13(1)(c). The amount repaid shall not be treated as application for charita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication of earlier PY's shall not be allowed to set-off in current PY, It means excess application shall not allowed to be carried forward and set-off. Explanation to Section 11 [Explanation added for whole section 11 FY 2022 w.e.f. AY 2022-23] Any sum payable by any trust or institution shall be considered as application of income in the PY in which such sum is actually paid by it (irrespective of method of accounting followed by trust). Provided that where during any PY, any sum has been claimed to have been applied by the trust or institution, such sum shall not be allowed as application in any subsequent PY. Example : Shree Ganesh Trust regularly follow accrual system of accounting. trust purchased computer for trust purpose on 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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