Question

treatment of fixed deposit with bank in the NPO chapter
please give answer ​

Answer 1

Answer:

1.5 lakh

Explanation:

Fixed Deposits (FDS) allow you to exploit complete potential of section 80c to deduct Rs. 1.5 Lakh from you taxable income. It also ensures capital protection along with some interest return's. However, this income is taxable. Seldom do investors think about paying tax on the interest income on time.

Answer 2

Recorded on the Receipt and payment account

Explanation:

• NPO stands for Non- Profit Organisation, which is also referred to as the non- business entity, defined as the institution that is dedicated to a specific social cause. And under this the receipts and payments accounts and Income and Expenditure account are prepared.
• FD stands for Fixed deposit is described as the financial instrument provided or offered through banks or NBFCs, that offer the investors with higher interest rate than the regular savings account and it is provided on the maturity date.
• The treatment of fixed deposit with bank, will be shown or stated on the receipt and payment account and on the payment side it will be recorded.

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