Query for AY 2013-14
Subject: Bank Account with IFSC Code is mandatory for ITR and Efiling
(And they wont allow paper return where such fields can be kept blank whose income is more than 5 Lakh)
The current ITR excel files have been released for efiling couple weeks back. I tried ITR-2 applicable to me, I have no refund due for my return. The PARTB - TI - TTI - SAL worksheet requires bank account which is 11 digits or more and the IFSC Code as mandatory items; refund or no refund.
I am not understanding what is logic behind such forceful policy from the IT department for efiling. Taxpayers who have accounts in Vyapari Bank Ltd, Shetkari Sahakari Bank Ltd, Krishi Bank Ltd or Sahakari Bank Ltd which are located in that village / town do not have account numbers which are 11 digits long and do not have IFSC code. What should taxpayers do in such case?
I have tried explaining this situation to the feedback1 @ incometaxindia.gov.in in multiple emails and they are not in a position to listen or read the issue properly. "We need it" is their reply. "If you dont have it please procure it". From where and why? So should a village / town person go to District place and open a fresh bank account in a bank which provides 11 digits or more bank account number and has IFSC Code? This is ridiculous.
One can do that if we know what is the rationale of the IT department to force taxpayers to give their bank accounts. Why do they need it? They said "Just in case if we find there is a refund, we credit it to you"? Could that be a genuine reason? Taxpayer is already indicating to the ITR Excel that refund should be cheque emailed to the address on the return / PAN. Then why does the IT department need the bank account? Why are they not coming out clean on this matter? There are tax returns in many developed and developing countries, but nowhere bank account and IFSC / routing numbers are mandatory. taxpayers have option to get a cheque mailed. Here in ITR, even if you choose that option, the ITR needs the bank details and with IFSC code. If you dont have IFSC Code enabled bank account, the policy is silent.
There is no other way to reach out to the CBDT Policy makers and the ITR programmers.
Should the taxpayer then simply enter "00000000000" and "IFSC0000000" in the two fields?
Please clarify.
CAclubindia
