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?
Menu
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)
Recent Topics :
- Tempsens Instruments IPO GMP Allotment Listing dat
- Upload Type - Correction. Not showing in TDS filli
- Partnership tax audit query
- ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
- Form 146 foreign remittance us citizen
- GST 16(2) notice
- Which GSTR-1 upload error do you hit most often?
- Need advice regarding accounting fees
- Is it possible to get a refund for an accidental o
- ITR-3 Section P&L - speculative income - no bo
Related Topics :
CAclubindia
