Do You Know

DYK82
Volume - 82
December 2023

Inter-charity donations cannot be made from accumulated funds

 

As per the Income Tax Act, 1961, once the funds have been accumulated under section  11(2), it can be only utilized for charitable purpose within 5 years directly by the   organization who accumulated it and cannot be transferred to other organizations.

However, if a charitable organization is dissolved, then inter-charity donations from the accumulated funds will be allowed under section 11(2) of Income Tax Act, 1961

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