I had requested for opinion on opening joint account by 4 individuals in a bank without registering society or making an NGO etc. Based on learned comments /views I received from this learned forum ,the bank obliged and said ,we can open account,but give us in writing PURPOSE of this acct. I wrote that it is meant to help the needy.
Now a member raised an issue as advised by his CA that money received in this joint acct through cheques, a pure white money will again be taxed in our hands and will be charged under heavy slab of more than 30 %. After money is received from a donor by cheque it is further dished out to the beneficiary /the needy. Money does not stay and earn any interest . How can this money be taxed second time ? PLease advise .