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joint bank account

Raj Thakkar (ARTICLE) (382 Points)

31 March 2018

If an assesse has no other bank account other than a joint account with her spouse... Now my question is whether is it require to mention details of that bank account while filling income tax return..

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16 Replies

SANE JI (ARTICLE) (22 Points)
Replied 31 March 2018

You can mention that joint account while filing itr

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Raj Thakkar (ARTICLE) (382 Points)
Replied 31 March 2018

Thank you sir for your reply, is it compulsory to mention bank account details in ITR

Rahul Prajapati (Student) (2282 Points)
Replied 31 March 2018

WHILE FILING ITR IT IS MANDATORY TO MENTION DETAIL OF BANK ACCOUNT

YES YOU CAN SHOW THAT JOINT ACCOUNT IN YOUR ITR

Raj Thakkar (ARTICLE) (382 Points)
Replied 31 March 2018

Thank you sir for your reply, in that joint account assesse has second name and her husband has first name, my another question is in whose income saving bank interest income will be shown?

Rahul Prajapati (Student) (2282 Points)
Replied 31 March 2018

Originally posted by : Raj Thakkar
	Thank you sir for your reply, in that joint account assesse has second name and her husband has first name, my another question is in whose income saving bank interest income will be shown?

Raj G,

I think Clubbing section will arise there.

It will be clubbed in that holder whose income is more before adding saving bank account interest.
I am not Expert

Seek Expert Advice

@ Dhirajlal Rambhai G

@ Raja P M G

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Raj Thakkar (ARTICLE) (382 Points)
Replied 31 March 2018

Thanks for your contribution but as per my opinion income from saving bank interest will be taxed in the hands of person whose name is first among the joint holder of saving account, I just want to confirm whether I am write or wrong? Please guide me in this regard..

Rahul Prajapati (Student) (2282 Points)
Replied 31 March 2018

WHETHER THAT INTEREST IS LIABLE FOR TDS

IF YES AND BANK HAS DEDUCTED TDS, THEN IT WILL BE TAXABLE IN THE HAND OF PERSON WHOSE PAN NO. IS GIVEN AT THE TIME OF ACCOUNT OPENING

Raj Thakkar (ARTICLE) (382 Points)
Replied 31 March 2018

Thank you for your reply, No tds has not been deducted, actually question is whether it is require to show details of account in the ITR of both the joint holder..

Rahul Prajapati (Student) (2282 Points)
Replied 31 March 2018

''Thank you sir for your reply, in that joint account assesse has second name and her husband has first name, my another question is in whose income saving bank interest income will be shown?''

YOU ASK THIS QUESTION THATS WHY I ASK FOR THAT

Raj Thakkar (ARTICLE) (382 Points)
Replied 31 March 2018

Rahul G, I am grateful to you for all your reply, I am not questioning your question and I just reply to your question that tds not deducted and asked my question that where it is require to show details of account in the ITR of both the joint holder..

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Rahul Prajapati (Student) (2282 Points)
Replied 31 March 2018

Originally posted by : Raj Thakkar
	Rahul G, I am grateful to you for all your reply, I am not questioning your question and I just reply to your question that tds not deducted and asked my question that where it is require to show details of account in the ITR of both the joint holder..

OK G

Dhruv Pancholi (Ca) (137 Points)
Replied 01 April 2018

Yes ofcourse u have to disclose u r bank account details even though it is a joint account .

Raj Thakkar (ARTICLE) (382 Points)
Replied 01 April 2018

Thank you very much for your...

krishnamohan (sr.auditor) (49 Points)
Replied 02 April 2018

May be joint account or an individual account one should disclose and furnish their account details in ITR

Banks also impose some charges like forfolio charges, cheque book charges, other bank charges etc.,

there is chance to a person to be active customer and he poses the signing authority. so, most of the first person might avail the income and charges along with TDS also so, Bank People also deduct the tax at source on the first person. incase the second person or the joint account holder is a minor then the first person might be charged as per the tax rules.

* Tax rules are very clear that the active member will be responsible and behalf of minor the responsible person should mention and disclose the bank details and income.