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advance for charitable purpose

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 August 2010 when an advance given to contractor for charitable purpose then the advance accumulated or not
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 August 2010 To satisfy the "accumulation" funds of the trust must be deposited in securities mentioned in section 11(5) of the Income tax Act,1961. Advance to contracor is not covered in the said section and hence will not be considered as accumulation of income.
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