AIS information all banks show question

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This discussion explores whether all bank account information, including balances and transactions, is automatically displayed in the AIS (Annual Information Statement). The user questions if lower balance accounts are always reported or if disclosure is only mandatory under specific circumstances, such as high balances (above 50 lacs) or for certain tax return categories (ITR-3, ITR-4) related to business. The core question is whether the accounts mentioned are business-related, which would influence the reporting requirements.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

04 May 2022 Sir,
One of the it person maintained three banks 1. sb account balance rs:24,568/-
2.bank sb account balance rs:56,356/-
3.bank sb account balance rs: 89,455/-
As on dt: 31-03-22.
Question:
Assessess above mentioned all banks
accounts information transaction data AIS show compulsory.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

04 May 2022 Not compulsory to show such lower balance.

Eswar Reddy S

Eswar Reddy S (Expert)

05 May 2022 If it is individual then bank balance disclosure is required only in specific circumstances like GTI above 50lacs for other than business categories and ITR-3 and ITR-4 categories also have to disclose the bank balances related to business. May I know whether it is business entity and all bank accounts are related to business ?

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