banner_ad

Depositing and withdraw of amount in saving Bank acc

Tax queries 335 views 4 replies
User Avatar

2 Points Posted on 07 February 2022

Hi 

We need to pay 40 lakhs fee to a medical collage.

We got money from transfers from relatives and one gold loan worth 7 lakhs. We paid via transfer to the collage. Our relatives deposited 5 lakhs and made transfers for fee purpose. Will we or our relatives will get any notices. 

Thanks for your Answer

Reply Share Follow
On 07 February 2022 at 14:42 Report
Replies (4)
User Avatar

SEO Sai Gr. Hosp.
211708 Points Posted on 07 February 2022

If routine payment, you may to be queried; but otherwise you may be asked for sources of fund..

581 Reply
On 07 February 2022 at 14:54
User Avatar

Profession Business
28207 Points Posted on 07 February 2022
No notice
Medical college must issue a valid certificate.
it's a donation cum fee.
44 Reply
On 07 February 2022 at 18:24
User Avatar

CFO- at NHTF
58280 Points Posted on 08 February 2022
This happens especially for higher studies.

You can make note of all money received details with dates & source also .

Since it is a big transaction , there is a possibility for show cause notice (SCN). But can be managed easily since the evidence is available.
59 Reply
On 08 February 2022 at 07:48
User Avatar

Profession Business
28207 Points Posted on 08 February 2022
No such show cause notice.
Notice to be served to the medical college.
44 Reply
On 08 February 2022 at 11:07


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details