Application of income to charitable purposes and restriction of accumulation of trust income in terms of sub-sections (1) and (2) as they stood between 1-4-1962 to 31-3-1971 (prior to the amendments made by the Finance Act, 1970) – Taxability of income under sub-sections (1) and (2) – Legal position on issues pertaining thereto explained.
Circular : No.29 [F. No. 20/22/69-IT(A-I)], dated 23-8-1968.
1. Attention is invited to the Boardâs Circular Nos. 5-P(LXX-6) of 1968 and 12-P(LXX-7) of 1968 [Clarification 2] which had been duly endorsed to all Chambers of Commerce. References are still being received from the public seeking clarifications regarding the taxability of income under the provisions of sections 11(1) and 11(2).