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filing of return
is it necessary for tax payee to show details of saving a/c of inherited money if interest is below 10,000 p.m.
Replies (5)
Yes, as details like A/c No. , Branch , Type of A/c IFSC Code of all the bank accounts have to be disclosed in ITR Form.
but if it is not taxable then why it is necessary to disclose details?
As it is notified by CBDT from FY 2016-17 all bank accounts should be reported even if the income does not exceed the exemption limit. Main motive behind it is to have transperancy and accountability of every assessee.
As it is notified by CBDT from FY 2016-17 all bank accounts should be reported even if the income does not exceed the exemption limit. Main motive behind it is to have transperancy and accountability of every assessee.
yes and another benefit is, after assessment if there is any refund payable it will be credited to that account
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