Section 337 — Specified income

The specified income of a registered non-profit organisation shall mean the
income as specified in column B of the Table below and shall be taxable in the
year provided in the column C thereof:—
TABLE
Sl.
No.
Specified income Tax year
A B C
1. Any anonymous donation received by a
registered non-profit organisation other than
a registered non-profit organisation created
or established,—
( i) wholly for religious purposes, or
( ii) wholly for charitable and religious pur -
poses (excluding anonymous donation
made with a specific direction that such
donation is for any university or other
educational institution or any hospital;
or other medical institution run by such
registered non-profit organisation),
excluding the anonymous donations up to
` 100000 or 5% of the total donations received
by it during the tax year, whichever is higher.
Tax year in which such
anonymous donation is
received.
2. Any portion of income applied by it, directly or
indirectly, for the benefit of any related person,
computed in the manner, as may be prescribed.
Tax year in which such
application is made.
3. Any portion of income applied by it outside
India in contravention to the provisions of
section 338(a).
Tax year in which such
application of income is
made.
4. Any investment or deposit made in contraven-
tion to the provisions of section 350 out of
any income, accumulated income, deemed
accumulated income, corpus, deemed corpus,
or any other fund.
Tax year in which such
investment or deposit is
made.
Sl.
No.
Specified income Tax year
A B C
5. Any deemed corpus donation in respect of which
any of the conditions specified in the section
340 is violated.
Tax year in which such
violation is made.
6. Any portion of accumulated income, if it is
applied to purposes other than charitable or
religious purposes for which it is accumulated
or set apart.
Tax year in which it is so
applied.
7. Any portion of accumulated income, if it ceases
to be accumulated or set apart for application
to such purposes as specified under section
342(1).
Tax year in which it ceases
to be so accumulated or
set apart.
8. Any portion of accumulated income, if it is not
applied as per the provisions of section 341(1)
to (4) for which it is accumulated or set apart
within the period for which it was accumulated
or set apart as specified in section 342(1).
Last of the tax years for
which income was so
accumulated or set apart.
9. Any portion of accumulated income, if it is
credited or paid to any other registered non-
profit organisation.
Tax year in which it is so
credited or paid.
10. Any income applied to purposes other than
charitable or religious purposes for which it
is registered.
Tax year in which it is so
applied.
11. Any income determined by the Assessing
Officer under section 344 in excess of income
shown in the books of account of such business
undertaking.
Tax year to which such
income relates.
12. Fair market value of any asset, where it is not
held in forms or modes specified in paragraph
1(1) to (30) of Schedule XVI even after the
expiry of one year from the end of the tax year
in which such asset is acquired.
Tax year immediately fol-
lowing the expiry of lim -
itation period mentioned
in Column B.
13. Any deemed application under section 341(5)
not actually applied by the registered non-profit
organization for its objects in India within the
period specified in section 341(6).
Tax year specified in
section 341(6) by which
such application is
required to be made.