Exemption u/s 11

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Ankush

Ankush (Querist)
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09 December 2011 wether fixed doposit made, out of Voluntry Contribution are eligible as application of funds.

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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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

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