Please clarify the application of Corpus Fund - Tax Exempt Category.
We received a corpus fund for fulfilling a specific purpose.
There are some expenses, which are necessary for fulfilling the specific purpose - such as payment gateway expenses, remuneration of persons who are working to fulfil that specific purpose, travel expenses etc.
Can these expenses be allowed as an application of the Corpus Fund as per the Income Tax Act 1961 and the current Finance Act?
Please clarify which expenses are allowed from such specific corpus Fund.
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