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TAX EXEMPTIONS
Following incomes are exempted from the application of income tax and no tax is payable on them.

1) Income derived from property held under trust wholly for charitable or religious purpose
a) To extent the income is applied for such purpose in India.
b) To the extent but not exceeding 25% of such income, the income is accumulated or set apart for application to such purposes in India.

2) Income derived from property held under trust partly only for charitable or religious purpose.
a) To the extent the income is applied for such purpose in India and;
b) to the extent but not exceeding 25% of such income, the income is accumulated or set apart for application to such purposes in India provided such trust had been created before 1.4.1962.

3) Income derived from property held under trust to the extent the income is applied for the purposes of the trust outside India, if direction to this effect has been issued by the Central Board of Direct Taxes by general or special order
a) in case of a trust created on or after 1.4.1962 if the trust was created for a charitable purpose which tends to promote international welfare in which India is interested or
b) in case of a trust created before 1.4.1952 if the trust was created for charitable and religious purposes.

4) Income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of the trust.