Exemption related to Batch Reunion Contributions
2 months ago
Voluntary Contributions from Batchmates for Reunion were deposited in my bank account and utilised for the same. It was a No Profit No Loss event and the Financial Statement has been consolidated indicating approximately 25 lakhs as credits and 20 Lakhs as expenditures. The difference is to be refunded.
Request your advice for Income Tax Declaration and seek exemption for the same
A.Dear Client,
For filing a Tax Return and claiming exemptions under the Income Tax Act, 1961, a detailed personal statement of accounts reflecting income and expenditures may be necessary based on your bank account transactions during the financial year. It is recommended to seek guidance from a Chartered Accountant (CA) or Income Tax Practitioner for further clarification and assistance with the necessary steps.
For filing a Tax Return and claiming exemptions under the Income Tax Act, 1961, a detailed personal statement of accounts reflecting income and expenditures may be necessary based on your bank account transactions during the financial year. It is recommended to seek guidance from a Chartered Accountant (CA) or Income Tax Practitioner for further clarification and assistance with the necessary steps.
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A.Dear Client,
From the nature of transactions in your bank account, a personal statement of accounts of Income and Expenditures may be required to show the details of financial transactions made in the financial year before filing a Tax Return claiming exemptions under the provisions of the Income Tax Act, 1961. It is advisable to consult with a CA or Income Tax Practitioner for more clarifications and steps.
From the nature of transactions in your bank account, a personal statement of accounts of Income and Expenditures may be required to show the details of financial transactions made in the financial year before filing a Tax Return claiming exemptions under the provisions of the Income Tax Act, 1961. It is advisable to consult with a CA or Income Tax Practitioner for more clarifications and steps.
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