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Use personal account for transaction of society

Tax queries 357 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


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