Income Tax Act, 2025
Section 4: Ins. by s. 8, ibid. (w.e.f. 12001).
4. Ins. by s. 8, ibid. (w.e.f. 12001).
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1[(xi) deposits with the Industrial Development Bank of India established under the Industrial
Development Bank of India Act, 1964 (18 of 1964);]
2[(xii) any other form or mode of investment or deposit as may be prescribed.]
3[(6) In this section where any income is required to be applied or accumulated or set apart for
application, then, for such purposes the income shall be determined without any deduction or allowance
by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an
application of income under this section in the same or any other previous year.
(7) Where a trust or an institution has been granted registration under clause (b) of sub-section (1) of
section 12AA or has obtained registration at any time under section 12A [as it stood before its amendment
by the Finance (No. 2) Act, 1996 (33 of 1996)] and the said registration is in force for any previous year,
then, nothing contained in section 10 [other than clause (1) and clause (23C) thereof] shall operate to
exclude any income derived from the property held under trust from the total income of the person in
receipt thereof for that previous year.]
4[12. Income of trusts or institutions from contributions.—5[(1)] Any voluntary contributions
received by a trust created wholly for charitable or religious purposes or by an institution established
wholly for such purposes (not being contributions made with a specific direction that they shall form part
of the corpus of the trust or institution) shall for the purposes of section 11 be deemed to be income
derived from property held under trust wholly for charitable or religious purposes and the provisions of
that section and section 13 shall apply accordingly.]
6[(2) The value of any services, being medical or educational services, made available by any
charitable or religious trust running a hospital or medical institution or an educational institution, to any
person referred to in clause (a) or clause (b) or clause (c) or clause (cc) or clause (d) of sub-section (3)
of section 13, shall be deemed to be income of such trust or institution derived from property held under
trust wholly for charitable or religious purposes during the previous year in which such services are so
provided and shall be chargeable to income-tax notwithstanding the provisions of sub-section (1)
of section 11.
Explanation.—For the purposes of this sub-section, the expression “value” shall be the value of any
benefit or facility granted or provided free of cost or at concessional rate to any person referred to in
clause (a) or clause (b) or clause (c) or clause (cc) or clause (d) of sub-section (3) of section 13.]
7[(3) Notwithstanding anything contained in section 11, any amount of donation received by the trust
or institution in terms of clause (d) of sub-section (2) of section 80G 8[in respect of which accounts of
income and expenditure have not been rendered to the authority prescribed under clause (v) of
sub-section (5C) of that section, in the manner specified in that clause, or] which has been utilised for
purposes other than providing relief to the victims of earthquake in Gujarat or which remains unutilised in
terms of sub-section (5C) of section 80G and not transferred to the Prime Minister's National Relief Fund
on or before the 31st day of March, 9[2004] shall be deemed to be the income of the previous year and
shall accordingly be charged to tax.]
deposits with the Industrial Development Bank of India established under the Industrial
Development Bank of India Act, 1964 (18 of 1964);]
2[
any other form or mode of investment or deposit as may be prescribed.]
3[
In this section where any income is required to be applied or accumulated or set apart for
application, then, for such purposes the income shall be determined without any deduction or allowance
by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an
application of income under this section in the same or any other previous year.
Where a trust or an institution has been granted registration under clause
of sub-section
of
section 12AA or has obtained registration at any time under section 12A [as it stood before its amendment
by the Finance (No. 2) Act, 1996 (33 of 1996)] and the said registration is in force for any previous year,
then, nothing contained in section 10 [other than clause
and clause
thereof] shall operate to
exclude any income derived from the property held under trust from the total income of the person in
receipt thereof for that previous year.]
4[12. Income of trusts or institutions from contributions.—5[
The value of any services, being medical or educational services, made available by any
charitable or religious trust running a hospital or medical institution or an educational institution, to any
person referred to in clause
or clause
or clause
or clause
or clause
of sub-section
of section 13, shall be deemed to be income of such trust or institution derived from property held under
trust wholly for charitable or religious purposes during the previous year in which such services are so
provided and shall be chargeable to income-tax notwithstanding the provisions of sub-section
of section 11.
Explanation.—For the purposes of this sub-section, the expression “value” shall be the value of any
benefit or facility granted or provided free of cost or at concessional rate to any person referred to in
clause
or clause
or clause
or clause
or clause
of sub-section
of section 13.]
7[
Notwithstanding anything contained in section 11, any amount of donation received by the trust
or institution in terms of clause
of sub-section
of section 80G 8[in respect of which accounts of
income and expenditure have not been rendered to the authority prescribed under clause
of
sub-section
of that section, in the manner specified in that clause, or] which has been utilised for
purposes other than providing relief to the victims of earthquake in Gujarat or which remains unutilised in
terms of sub-section
of section 80G and not transferred to the Prime Minister's National Relief Fund
on or before the 31st day of March, 9[2004] shall be deemed to be the income of the previous year and
shall accordingly be charged to tax.]