Section 13(8) - When commercial receipts exceeds the specified threshold limit Section 13(9) - Exclusion of income from the total income

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..... emption under section 11 & 12 shall not be available for the previous year in which commercial receipts exceeds the prescribed limits u/s 2(15), even if commissioner of Income tax has not cancelled the registration of the trust for such previous year. * Such exemption shall not be available for such previous year by operation of law i.e. Section 13(8). * In such case, specific proceedings for .....

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..... g the return of income for the said previous year * . It is clarified that the statement of accumulation in Form No. 10 and Form No. 9A is required to be furnished at least two months prior to the due date of furnishing return of income so that it may be taken into account while auditing the books of account. However, the accumulation/deemed application shall not be denied to a trust as long as .....

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