Regarding sec. 10(23c) or 12aa
This query is : Resolved
CA Shyam Agarwal
(Querist)
06 May 2014
Dear Friends
My client is running many educational institution under registered u/s 12AA. some of institution has revenue less then Rs. 1 crore or more then 1 crore.
My client want transfer extra fund from saving a/c to mutual fund so can earn interest with higher rate.
Can any restriction under the income tax act regarding above investment or deposit
My client is running many educational institution under registered u/s 12AA. some of institution has revenue less then Rs. 1 crore or more then 1 crore.
My client want transfer extra fund from saving a/c to mutual fund so can earn interest with higher rate.
Can any restriction under the income tax act regarding above investment or deposit
Nikhil Kaushik
(Expert)
06 May 2014
it is permitted under section 11(5)(xii)
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