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As per sect 11(2) of income tax act,if the income of charitable trust falls short of 85% of total receipt, then such income shall not form part of total income if trust specifies in form 10, the purpose and period for which income is accumulated or set apart.
My querry is It is necessary to use the funds for the purpose mentioned in 10F. Example, If i declared in 10f that I will use the amount for renovation of building so can I use this amount for revenue expenditure? |
