CA Rakesh Ishi
(Working at Private Company)
(8202 Points)
Replied 16 January 2018
It is always advisable to disclosed all bank accounts to the Clients
In case of Non disclosure, consequences can be seivour
IT officer if got suspcious or have any information related to other bank accounts which is not disclosed
he may order you to bring or make addition to the FY relevant to the AY
and can also bring re-opening of earlier AYs.
Vikash
(G)
(393 Points)
Replied 16 January 2018
CA Rakesh Ishi
(Working at Private Company)
(8202 Points)
Replied 16 January 2018
Kindly read Section 147 Reassessment where assessment has been made u/s 143(3) or 147
Vikash
(G)
(393 Points)
Replied 17 January 2018
It is always better to disclose all transactions (not only bank interest)and the closing balance in the balance sheet. For a proprietor, all his assets and liabilities, whether business related or not, should appear in BS.
However, if you can prove that all the amounts credited to a particular undisclosed bank account (for eg, rent/ interest etc)are taxed in all the years from start, the AO may not make addition.
CAclubindia
