banner_ad

Use personal account for transaction of society

Tax queries 343 views 9 replies

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?

 

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


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details