If i have a multiple bank account...

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2014 Respected experts ,

I have a 3 bank account , i operate all of them , but i have submitted PAN Card number in one bank account only . While filing my ITR i have provided my one of bank account detail in which i have submitted PAN Card detail only , I have FD in all bank account but i did not mentioned PAN Card in @ FD's . I have submitted my PANCARD Detail in that FD whose interest i have calculated while filing income tax .

Now what should i do now . I am filing ITR from 4 years , but i have not mentioned the interest gaining from other 2 accounts ... now what should i do now ?

Should i close remaining 2 accounts and withdraw all amount so that in future i will not have to worry about IT department notice .
Now i want to operate only one bank account , just because unawareness i did this mistake .... Please suggest me some way

Ganeshbabu K

Ganeshbabu K (Expert)
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11 December 2014 No need to worry about past years
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But from now onwards please offer your complete income to it department and pay tax on it.

No need to close your accounts just because of it,

Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2014 Sir :: if i show my all income now which i have hide earlier then Will not IT department ask any question to me ? From where have you received that money ?

Suppose if i disclose my all income now , Will not it create any problem to me ?

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Ganeshbabu K

Ganeshbabu K (Expert)
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11 December 2014 You may disclose and pay tax on it now, if u wish to do so
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Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2014 ok sir , i am ready to pay tax ... but will IT demand tax on whole disclosed amount or on interest amount i have earned in a current that financial year ?

Ganeshbabu K

Ganeshbabu K (Expert)
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11 December 2014 If IT want any clarification for you they may send u a letter in this regard,that time you can explain the issue and it may not create problem

Message likes : 2 times

Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2014 ok sir ... thank you very much for your kind support.