advance for charitable purpose
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 August 2010
when an advance given to contractor for charitable purpose then the advance accumulated or not
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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