filing of return
Isha Nisha Johar (63 Points)
28 March 2018
is it necessary for tax payee to show details of saving a/c of inherited money if interest is below 10,000 p.m.
5 Replies
CA Priyank Ajmera
(Chartered Accountant Company Secretary )
(67 Points)
Replied 28 March 2018
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.
Isha Nisha Johar
(63 Points)
Replied 28 March 2018
but if it is not taxable then why it is necessary to disclose details?
CA Priyank Ajmera
(Chartered Accountant Company Secretary )
(67 Points)
Replied 28 March 2018
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.
CA Priyank Ajmera
(Chartered Accountant Company Secretary )
(67 Points)
Replied 28 March 2018
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.
B Vinay Reddy
(Hyderabad )
(7842 Points)
Replied 28 March 2018
yes and another benefit is, after assessment if there is any refund payable it will be credited to that account
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