Volume - 34
Income accumulated u/s 11(2) needs to be invested or deposited as per section 11(2)(b)
Any Organization or Association registered u/s 12A and any income not applied for charitable or religious purposes in the particular year and has accumulated or set aside for specified purposes as per section 11(2) of the Income Tax Act, then:
- It needs to be invested or deposited in the manner specified u/s 11(2)(b) of the Income Tax Act.
- The form or mode of investment or deposit has been prescribed in Rule 17C of the Income Tax Rules, 1962 and the list of eligible investments can be viewed at www.incometaxforngos.org/safe-investments-section-11-5