A Secretary of a society use his personal bank account for the transaction of society,now the transaction incresed upto 50 lakhs, does he is liable to show the transaction in his personal itr?
Menu
Use personal account for transaction of society
Replies (9)
He need not show any details (as no income/loss) in his ITR, but keep accounts (personal & of Society) ready for explanation. The case may come under investigation.
Thanks sir,for your valuable advice.
Most Welcome
is there any limitation of transactions amount in a year , in personal saving bank account also ?
NO NOTIFICATION FROM RBI TILL NOW
thanks, But then in which matter you have mentioned transactions of 50 lacs and dhirajlal sir has said that case may come under investigation ?
Because I don't want to show transaction of 50lakhs in personal itr
tHANKS FOR CLEARIFICATION.
your welcome
Recent Topic
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
Related Topics
CAclubindia
