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Sec 11(5) of Income Tax Act,1961

This query is : Resolved 
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(Querist)
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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 August 2023 Show it as income when FDR matured, as then only it's application can be claimed.
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