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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Regarding E-invoice Generation
- Forgot to update debit note in gst
- Can we claim ITC in 28%
- Wrongly goods delivered to other state
- Applicability of RCM on Frieght Inward supplies received from un-registered person
- Conversion of Pvt Ltd Company to a LLP
- Query Regarding Income Tax Rate on Gain from Transfer of Partnership Stake (LLP Partner)
- CA Final exam Form
- Can we issue an invoice today
- Foreign commission liable for rcm
- Loans and borrowing
- Registration of partnership firm maharashtra
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
