st-jacobs-tc
I work for a college. It is run by a trust and so we did not have a bank account with netbanking facility. And during the pandemic I transferred the staff salaries by to the staff accounts by first transferring the lumpsum amount from the college account to my personal account (with netbanking) and then transferred salaries from my account to the staff accounts.

My query is whether I will be liable to pay income tax due to this transaction.


PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Saswatabanerjee
Partner - Risk Management
St-jacobs-tc
Accountant
Nathrao
Insolvency N Gst Professional

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saswatabanerjee
2319

You are not liable to pay tax on the transaction as you were acting as an agent of the college due to extraordinary circumstances.
However, you better get it documented it properly.

In any case, you can expect query, notice or show-cause from the income tax department on the matter, so take the help of your trust's CA to be ready with the replies and justifications.

From India, Mumbai
nathrao
3106

Unusual and large transactions get reported by Banks as a routine.
Avoid mixing up official and personal transactions.
Best is open a separate bank account and deal college transactions only throught this account.
Question of IT for the transaction does not arise,but queries may arise as to nature of transaction.

From India, Pune

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