What should be written in the purpose of a bank transfer? If you do not write anything, can there be legal consequences?
One of the essential items for sending a bank transfer is the reason for the payment. It is, as we know, a short descriptive item in which it is necessary to indicate as precisely as possible the reason for moving money.
How do you write the reason for a bank transfer? – ilovetrading.it
In certain cases the reason for the payment may involve inspections by the tax authorities, especially when the reason in question is not precise enough. So what are the rules to write it correctly and not have tax problems in the event of checks?
How to write the reason for the payment
First of all we need to clarify that the law does not impose the indication of the reason for a payment for the transfer to be successful. This means that not entering the reason for the payment is legal but can create problems.
Is the reason for a bank transfer mandatory? – ilovetrading.it
In fact, the causal serves the taxman for monitor the flows of money into and out of a specific current account. The purpose, as can be easily guessed, is to ascertain that all money movements are legal and that they do not hide illegal activities. From this it can be deduced that it is always advisable to write the reason for a bank transfer and detail it as much as possible so as not to require tax inspections.
Among the essential information to be reported in the causal there are the time references of the payment. To give a practical example, if the payment concerns a rent, the best choice will be to indicate the month and year of reference, therefore “Rental fee July 2023”. The same rule applies for all payments that are made regularly on a periodic basis, such as child support payments in the event of separation.
If, on the other hand, a bank transfer is used to settle an invoice, it is always necessary to refer to the invoice number to which the payment corresponds and perhaps state the services following which the payment is made. For example “Invoice 21 – bathroom and kitchen tiling“.
Even if the transfer is used to make a gift, it is absolutely essential to make it explicit in the description, as well as in the case of donations to companies or charities. If this reference were not there, the tax authorities could carry out checks and whoever made the payment would not even be in a position to be able to provide physical proof of the reasons for the transfer, as happens instead in the case of an invoice.
2023-06-29 21:00:12
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