New Provision
Section 340, IT Act 2025
Replaces (IT Act 1961)
New provision
Chapter
Chapter XVI — Appeals and Revision
Effective From
1 April 2026
Statutory Text — Section 340
ere the property of a registered non-profit organisation includes any temple, mosque, gurudwara, church or other place notified under section 133(1)(b)(vi), any sum or sums received by such registered non-profit organisation as donation for the purpose of renovation or repair of such temple, mosque, gurudwara, church or other place, may, at its option, be deemed as forming
Income–tax Act, 2025 [Sec 302-355] part of the corpus under section 339, if it— (a) maintains such corpus as separately identifiable; (b) applies such corpus only for the purpose for which the donation was made; (c) invests or deposits such corpus in any of the modes permitted under section 350; and (d) does not apply such corpus for making donation to any person.
Shahi & Co. — Our Understanding
This section falls under Chapter XVI which governs appeals and revision — your right to challenge an assessment order before the Commissioner (Appeals), ITAT, High Court, and Supreme Court.
Practical Note: If you receive an adverse assessment order, the appeal must be filed within the prescribed time limit. Delay in filing appeals is a common compliance failure that results in forfeiture of the right to appeal.
Shahi & Co., Chartered Accountants
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Disclaimer: This is a reproduction of Section 340 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.