compulsory disclosure of bank accounts
Vikash (G) (393 Points)
19 December 2017
anjali tyagi
(19 Points)
Replied 19 December 2017
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:–
anjali tyagi
(19 Points)
Replied 19 December 2017
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.
Prajjwal Kaushik
(Finance Professional)
(6216 Points)
Replied 19 December 2017
Adding on, when you have declared all incomes and paid all the taxes. In such cases, I do not think that there would be any penal action.
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