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TAX
EXEMPTIONS Following incomes are exempted from the application of
income tax and no tax is payable on them.
1) Income derived
from property held under trust wholly for charitable or religious purpose a)
To extent the income is applied for such purpose in India. b) To the extent
but not exceeding 25% of such income, the income is accumulated or set apart for
application to such purposes in India.
2) Income derived from property held
under trust partly only for charitable or religious purpose. a) To the extent
the income is applied for such purpose in India and; b) to the extent but not
exceeding 25% of such income, the income is accumulated or set apart for application
to such purposes in India provided such trust had been created before 1.4.1962.
3)
Income derived from property held under trust to the extent the income is applied
for the purposes of the trust outside India, if direction to this effect has been
issued by the Central Board of Direct Taxes by general or special order a)
in case of a trust created on or after 1.4.1962 if the trust was created for a
charitable purpose which tends to promote international welfare in which India
is interested or b) in case of a trust created before 1.4.1952 if the trust
was created for charitable and religious purposes.
4) Income in the form
of voluntary contributions made with a specific direction that they shall form
part of the corpus of the trust.
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