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According to section 11(2)of IT Act 1961, if 85% of income of a charitable or religious trust is not utilised in the previous year, then it can be accumulated for 5 years. Auditor reports in his audit report about the amount utilised form the income of that year and amount accumulated for that year.My query is that if the person has utilised the accumulated fund in the specified period of 5 years, then where is the amount utilised from the accumulated fund is to be reported?? |
