Section 338
Income not to be included in regular income.
About this Act
An Act to consolidate and amend the law relating to income-tax.
While computing the regular income of a registered non-profit organisation, the following income shall not be included:—
(a) income applied outside India, where the Board, by general or special order, directs that such income shall not be so included in its total income in case of a registered non-profit organisation—
(i) created before the 1st April, 1952 for charitable or religious purposes; or
(ii) created on or after the 1st April, 1952 for charitable purposes where such application of income outside India tends to promote international welfare in which India is interested;
(b) the corpus donation received by the registered non-profit organisation under section 339.
(a) income applied outside India, where the Board, by general or special order, directs that such income shall not be so included in its total income in case of a registered non-profit organisation—
(i) created before the 1st April, 1952 for charitable or religious purposes; or
(ii) created on or after the 1st April, 1952 for charitable purposes where such application of income outside India tends to promote international welfare in which India is interested;
(b) the corpus donation received by the registered non-profit organisation under section 339.