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?
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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
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