Fund received from contigency fund is Done fixed deposit and interest receive can be shown in contig
This query is : Resolved
Quick Summary
Mayank shah
(Querist)
21 September 2021
I'm member of resident welfare association fund received from contigency fund is Done fixed deposit. Can interest receive from FDR are shown in contigency fund. reason
CA R SEETHARAMAN
(Expert)
21 September 2021
Yes, such interest can be shown as contingency fund. Earnings of funds should be part of funds.
Mayank shah
(Querist)
21 September 2021
what will be it's tax implications.... can tax liability be better managed
CA R SEETHARAMAN
(Expert)
22 September 2021
Tax payable on such earning of interest.
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