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compulsory disclosure of bank accounts

Vikash (G) (393 Points)

19 December 2017

From which year it is compulsory to disclose all bank accounts detail in Itr

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Sarath Rajendran (Nil) (2791 Points)
Replied 19 December 2017

April 2015

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Vikash (G) (393 Points)
Replied 19 December 2017

What in case of non disclosure

Sarath Rajendran (Nil) (2791 Points)
Replied 19 December 2017

may impose penalty

Vikash (G) (393 Points)
Replied 19 December 2017

Penalty for what reason

anjali tyagi (19 Points)
Replied 19 December 2017

I'm not sure but I think no need.... through adahar and pan card they will automatically link with income tax site. if income shown in bank account will not consider in gross total income then only penalty will be levy.

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Prajjwal Kaushik (Finance Professional) (6216 Points)
Replied 19 December 2017

CBDT has vide Notification No. 41/2015, Dated-15th day of April 2015 Notified ITR-1 ITR-2 ITR-4S ITR-V for A.Y. 2015-16 with several Changes.

In such ITRs CBDT has for the first time required an assessee to Compulsorily provide details of all Bank account held in India (including in joint names) at any time during the financial year 2014-15 including details of those which were closed during the year.

Assessee has to provide the following details:–

Number of bank accounts held by you at any time (including opened/closed) during the previous year– In case of Paper Returns if No. of accounts are more than two you attach a separate sheet providing details of all such accounts.
IFS Code of the Bank –
Name of the Bank –
Name of the Joint holder(s), if any – In Our opinion, you have to give details of all bank account jointly held in India by you even if you are not the first Joint Account older in the account.
Account Number
Account balance as on 31 st March of the previous year– In case the account is closed during the
year, in the column for account balance as on 31st March mention “closed”.

anjali tyagi (19 Points)
Replied 19 December 2017

point is...if we does not provide the detail of all bank accounts then what will happen please also clerify the same.

Prajjwal Kaushik (Finance Professional) (6216 Points)
Replied 19 December 2017

So as the saying goes "It is not a crime to steal but to get caught."

You can be liable for penalty as well as prosecution in case your omission is detected as the omission amounts to misstatement and in case any income is also not disclosed this will be a case of concealment of income.

With the computerizations and increased use of technology, you can rest assured that it will not be difficult for income tax department to detect such omissions.