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.
Helpful
Helpful
Share
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.
Helpful
Helpful
Share
Read Related Answers
Crypto Trades
Dear Client,
The existence of the Double Taxation Avoidance Agreement (DTAA) between India and the United Arab Emirates (UAE) plays an important role in their economic relationship.By eliminating the...
Income Tax threshold for tax free pension
Dear Client,
Income Tax related issues are well addressed by a Chartered Accountant or an Income Tax Practitioner who possesses expertise and in-depth knowledge on the subject, So, you are requested t...
What should I opt Old Regime vs New Regime
Dear sir
You have to consult service advocate or a person who is expert in such subject otherwise you may be mislead.
Exemption on interest education loan
Dear Client,
Under Section 80E of the Income Tax Act, 1961, if an individual has taken an education loan and is repaying the same, then the interest paid on that loan is allowed as a deduction from hi...
Tax query
Dear Client,
Based on the limited facts you have stated, Take an assumption regarding the calculation of income tax in a financial year of your transaction where the amount is X from which 98% of X...
Read Blogs on Tax-Income Tax
Tax-Income Tax Lawyers
Find Lawyers by Location
