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Unspent amount related to ongoing projects

Corporate & Other Laws

In case of failure to spend, company shall transfer to a Fund specified in Schedule VII within 30 days or 6 months from date of completion of 3rd FY? Kindly clarify Video Details Corporate and Other Laws Accounts of Companies 34. Ongoing Project

Swetha S

CA Inter

★ 4K+

18-Mar-24 19:30

Answers (3)

In ongoing project, the unspent amt. has to be deposited in a separate bank a/c within 30days from the end of the F.Y. after 3yrs if it is not utilized for the CSR activities then, it has to be transferred to Schedule III within 30 days from the end of 3rd F.Y.