Trust: 7 Rules of Accumulation of income Everyone Should Know !

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Charitable trust or religious trusts are given exemption on income earned and utlised for charitable purpose. In other words,the charitable trust is given exemption u/s 11 subject to the condition that it can not accumulate income in a year. Under 1922 Act, there was no restriction, however, now there are restrictions and certain rules about application of income by…

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