Exemption if income accumulated for specific purposes - Section 11(2)

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..... dia 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 in the total income of the previous year of the person in receipt of the income, provided: such person furnishes a statement in the prescribed Form 10 to the AO stating the purpose for which the income is .....

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..... rt, shall be excluded. Due date of filling of Form 10 [ Section 11(2) Read with Explanation 3(c) of proviso 3 of Section 10(23C) w.e.f. 01-04-2023 ] Provision regarding for due date (c) the statement referred to in clause (a) is furnished at least two months prior to the due date specified u/s 139(1) for furnishing the return of income for the previous year [ Explanation 3(c) of proviso 3 of Secti .....

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..... mulation would also not be available if return of income is not furnished on or before the due date of filing return of income specified in section 139(1). Clarification regarding denial of exemption in case where the statement of accumulation is not filed by the due date. [ Circular No. 06/2023 dated 24.05.2023 ] - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary .....

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