Sec 11(5) of Income Tax Act,1961
This query is : Resolved
16 August 2023
Dear Sir,
Our society is registered under Sec 12A and Sec 80G we have invested amount in FDR with banks as investment of funds under sec 11(5) to be used for future dates. My query is the interest received on it is accmulated in FDR account but we are showing it in income of society in income and expenditure account and Debiting Concerned FDR account. are we doing it correcty or we should show interest received on liability side to be accounted as income when fdr matured or fdr encashed
Our society is registered under Sec 12A and Sec 80G we have invested amount in FDR with banks as investment of funds under sec 11(5) to be used for future dates. My query is the interest received on it is accmulated in FDR account but we are showing it in income of society in income and expenditure account and Debiting Concerned FDR account. are we doing it correcty or we should show interest received on liability side to be accounted as income when fdr matured or fdr encashed
16 August 2023
Show it as income when FDR matured, as then only it's application can be claimed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Unregistered suppliers utility
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- Non-Compliance documents have not been submitted by the contractors debited
- Filling ITR - U
- TDS ON EMAIL DOMAIN SERVICE BILL
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
