New Society Registered in February 2021 collected "Admission Fee" 1000/- from the 9 members and deposited into current account with SBI. It is payable annually.
The Society has not incurred any expenses in the FY. PAN card received & applied for 12A in March, but application is pending with Dept.
1. Can the entire 9000/- be added to Corpus Fund Account?
2. Whether 85% spending for Charitable purpose condition applicable for this small amount? If yes, should it be deposited into any specific account and spend in the subsequent year?
Please advice.
CAclubindia
