Treatment of fixed deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2013
Charitable trust has invested money in fixed deposit in bank.. what is the tax implication for the same. whether it should be considered as application of income or not?
plz solve it urgently..
plz solve it urgently..
29 March 2013
dear..
as per sec. 11(2) if a trust fails to invest 85% of income accrued during the year, then it has to set apart that un-utilised amount and invest in any mode specified in 11(5)i.e. F.D. in one of that mode/..
but trust has to make an application to the A.O. before the filing of return specifing the reason for setting apart that un-utilised amount..
as per sec. 11(2) if a trust fails to invest 85% of income accrued during the year, then it has to set apart that un-utilised amount and invest in any mode specified in 11(5)i.e. F.D. in one of that mode/..
but trust has to make an application to the A.O. before the filing of return specifing the reason for setting apart that un-utilised amount..
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Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2013
i want to know that if charitable trust has invested the money in FD in bank.... can i take this investment for calculation of application of income.
29 March 2013
No dear... logically it does'nt cover under application of income...
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