Bank account of a chs.
KABU
(Querist) 12 November 2013
This query is : Resolved
Dear Sir,
We are a society with "B" class audit.
We want to know, if we can open a account for our daily transactions with a nationalised bank, or create a FD with a nationalised bank for our surplus funds, other than the repair and sinking funds.
If yes, what is the procedure to get the registerar approval. Will the interest be taxable from these deposits.
Please guide in detail.
ajay sethi
(Expert) 12 November 2013
you can open account with nationalised bank . have resolution passed in MC to that effect and authorise Chairman , Secretary , Treasurer to operate the bank accounts .
similarly you can open FD in nationalised bank . for opening account in natonalised bank prior permission of Registrar is necessary . after opening of account registrar to be informed within period of 15 days . long term investments have to be in district central cooperative bank
Rajendra K Goyal
(Expert) 12 November 2013
Well advised by the expert ajay sethi ji, nothing more to add.
