Dear Friends
A trust accept 80 G donation and deposit it as fixed deposit and interest received on FD is utilised for charitable purpose.Whether any problem for nonutilisation of 80 G donation & only interest receipt utilisation. Whether any problem in depositing the 80G donation as fixed deposit. please help me
If the donor any specifications give about the utilisation of donation then u should utilise for that purpose only however for temporarly u can make FDs(like there is time to utilise for the same purpose according to the donor) otherwise it will treated as general donation and will be credited to P&L account. if u r vilot the above then u r liable for nonutilsation of funds according to the donor instruction.
OM SAI SRI SAI JAI JAI SAI
CAclubindia
