CA CMA Sagar Jaiswal (Finance professional) (665 Points)
29 March 2017A 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?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 29 March 2017
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.
CA CMA Sagar Jaiswal
(Finance professional)
(665 Points)
Replied 29 March 2017
Thanks sir,for your valuable advice.
uma shankar
(proprietor)
(140 Points)
Replied 15 April 2017
is there any limitation of transactions amount in a year , in personal saving bank account also ?
CA CMA Sagar Jaiswal
(Finance professional)
(665 Points)
Replied 15 April 2017
uma shankar
(proprietor)
(140 Points)
Replied 16 April 2017
thanks, But then in which matter you have mentioned transactions of 50 lacs and dhirajlal sir has said that case may come under investigation ?
CA CMA Sagar Jaiswal
(Finance professional)
(665 Points)
Replied 16 April 2017
CAclubindia
