PLEASE REFER TO EXPLANATION TO SECTION 11(1) WHICH SPECIFIES THAT OPTION IS TO BE EXERCISED IN WRITING BEFORE DUE DATE UNDER SECTION 139(1)IN CASE RELEVANT INCOME IS NOT RECEIVED OR FOR ANY OTHER REASON.
THIS EXCESS ACCUMULATION IS TO BE SPENT WITHIN 2 YEARS OR 1 YEAR AS THE CASE MAY BE. NO FORM IS SPECIFIED.
UNDER SECTION 11(2) FORM NO-10 IS PRESCRIBED FOR ACCUMULATION OF INCOME OVER SPECIFIED LIMIT FOR A MAXIMUM 5 YEARS. MY QUERY IS WHETHER THE SAME FORM 10 IS USED FOR BOTH THE OPTIONS I.E. 11(1) & 11 (2). |
