Exemption u/s 11
This query is : Resolved
09 December 2011
wether fixed doposit made, out of Voluntry Contribution are eligible as application of funds.
09 December 2011
Sec 11(5) specify modes of investment of trust money.
clause(iii) specify = deposit in any account with a schedule Bank or a co operative society engaged in carrying on the business of banking.
so fixed deposits with schedule bank/co operative society eligible as application of funds
clause(iii) specify = deposit in any account with a schedule Bank or a co operative society engaged in carrying on the business of banking.
so fixed deposits with schedule bank/co operative society eligible as application of funds
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