SIR,
I WANT TO ASK YOU THAT WHETHER IN TRUST THE FIXED DEPOSITS IN PUBLIC SECTOR BANK WILL BE TREATED AS APPLICATION OF FUND OR NOT?
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Question about application of funds in trust
Replies (1)
If such accumulation of income is in excess of 15% of income then it can be deemed to have been applied for the charitable/religious purpose provided
A Notice should be given in the form of Form no. 10 to the assessing officer about the purpose and period(can not exceed 5 yrs) on or before the due date specified under sec 139(1) for the previous year
And the above accumulation has been invested in the manner/mode prescribed in sec 11(5)(that includes deposit with public sector company)/scheduled banks)
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