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..
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..
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.
CAclubindia
