Bank account not included in account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 December 2011
I am working in NGO
1- Firm has a bank account but the bank account was not included in financial account last two year.
2- Amount deposited in the bank account belong to employees to provide financial assisstant to each other.
3- As per above details can income tax officer can raise any question.
4. Please provide me guidance
1- Firm has a bank account but the bank account was not included in financial account last two year.
2- Amount deposited in the bank account belong to employees to provide financial assisstant to each other.
3- As per above details can income tax officer can raise any question.
4. Please provide me guidance
CA PARAS BAFNA
(Expert)
26 December 2011
1. NGO and firm are two different status or entities. In this reply firm has been understood as NGO.
2. The Bank account is in the name of NGO.
Before two years whether the account was existing? If yes, then the transactions must have been reflected in the earlier years.
3. In case new A/c and has not been included, a suitable change in the Name of the Bank A/c may be requested to the Banker.
4. If it can be explained and substantiated
properly that NGO has nothing to do with this account and transactions in the account belongs to the employees only , then there will be no problem.
2. The Bank account is in the name of NGO.
Before two years whether the account was existing? If yes, then the transactions must have been reflected in the earlier years.
3. In case new A/c and has not been included, a suitable change in the Name of the Bank A/c may be requested to the Banker.
4. If it can be explained and substantiated
properly that NGO has nothing to do with this account and transactions in the account belongs to the employees only , then there will be no problem.
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