Amendment of section 11
Section 7 of the Finance Act, 2021 deals with amendment of section 11. Amendment of section 11. 7. In section 11 of the Income-tax Act, with effect from the 1st day of April, 2022,— (a) | in sub-section (1),— (i) | in clause (d), for the word "institution", the words, brackets and figures "institution, subject to the condition that such voluntary contributions are inve
Amendment of section 11.
7. In section 11 of the Income-tax Act, with effect from the 1st day of April, 2022,—
(a) in sub-section (1),—
(i) in clause (d), for the word "institution", the words, brackets and figures "institution, subject to the condition that such voluntary contributions are invested or deposited in one or more of the forms or modes specified in sub-section (5) maintained specifically for such corpus" shall be substituted; (ii) after Explanation 3, the following Explanations shall be inserted, namely:—
"Explanation4.—For the purposes of determining the amount of application under clause (a) or clause (b),—
(i) application for charitable or religious purposes from the corpus as referred to in clause (d) of this sub-section, shall not be treated as application of income for charitable or religious purposes: Provided that the amount not so treated as application, or part thereof, shall be treated as application for charitable or religious purposes in the previous year in which the amount, or part thereof, is invested or deposited back, into one or more of the forms or modes specified in sub-section (5) maintained specifically for such corpus, from the income of that year and to the extent of such investment or deposit; and (ii) application for charitable or religious purposes, from any loan or borrowing, shall not be treated as application of income for charitable or religious purposes: Section 7, The Finance Act, 2021.
Provided that the amount not so treated as application, or part thereof, shall be treated as application for charitable or religious purposes in the previous year in which the loan or borrowing, or part thereof, is repaid from the income of that year and to the extent of such repayment. Explanation5.—For the purposes of this sub-section, it is hereby clarified that the calculation of income required to be applied or accumulated during the previous year shall be made without any set off or deduction or allowance of any excess application of any of the year preceding the previous year."; (b) in sub-section (2), in the Explanation, after the figures and letters "12AA", the words, figures and letters "or section 12AB" shall be inserted; (c) in sub-section (3), in clause (d), after the figures and letters "12AA", the words, figures and letters "or section 12AB" shall be inserted.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 7
What does Section 7 of the Finance Act deal with?
Section 7 of the Finance Act is headed "Amendment of section 11". Amendment of section 11. 7. In section 11 of the Income-tax Act, with effect from the 1st day of April, 2022,— (a) | in sub-section (1),— (i) | in clause (d), for the word "institution", the words, brackets and figures "institution, subject to the condition that such voluntary contributions are inve
How do I find court cases under Section 7 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2021 7, section 7 Finance Act 2021, section 7 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 7 of the Finance Act, and has it changed?
Its own text turns on section 11 (Amendment of section 43B), Income-tax Act 11 (Income from property held for charitable or religious purposes), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2021. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- Fourth Schedule. Fourth Schedule26628 words
- First Schedule. First Schedule9574 words
- 2. Income-tax5993 words
- 6. Amendment of section 103582 words
- 130. Substitution of new section for section 43513 words
- 131. Substitution of new section for section 52699 words
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