Section 336 — Taxable regular income

The taxable regular income of a registered non-profit organisation for any
tax year shall be—
( a) nil, where 85% or more of the regular income of such tax year has
been applied as per provisions of section 341 or accumulated under
section 342 for charitable or religious purposes, in such tax year as per
the provisions of this Part; and
( b) in any other case, 85% of the regular income for such tax year as reduced
by its application for charitable or religious purposes as per provisions
of section 341 or accumulation thereof under section 342 in such tax
year as per the provisions of this Part.