Very urgent!! regarding bank account

612 views 10 replies
As now the all bank accounts of the assessee need to be mention in ITR. So my question is if one has the bank account where he has only 1 or 2 transaction in all of amount 6000 only and he don't want to show the details of this account in ITR. so what will be the consequences for it? can he be do so? suggest please... anyone...
Replies (10)

AO can add that amount as your undisclosed income and can be taxed at 30%

But if your income is already below exemption limit and including this your income is below taxable limit then i dont think that you will be having problem.

The income is above the exemption limit. But tell me 1 thing that how the AO can track that unmentioned bank account as while opening that bank account the PAN no. Hasn't be given.

THERE ARE RARE CHANCES OF DETECTION, BUT IF YOU ARE HAVING BIG TURNOVER IN YOUR BANK ACCOUNT THEN EVEN YOU DONT HAVE PAN CARD, INCOME TAX INVESTIGATION DEPARTMENT CAN TRACK YOU THROUGH INFORMATION FROM BANK, 

 

BUT AS IN YOUR CASE AMOUNT IS LESS , SO CHANCES ARE RARE.

Thank you so much Sir for help :)
Bank account requirement in its is orally withdrawn by FM and original amended order expected in a month time due to opposition by several fii and NRI pressure
Raghavan Sir that means till now there is no requirement of mentioning all bank account details if one submit his IT return now itself..?
Still forms are not available for ay 2015-16, it might be possible that require only one bank account, but if official announcement not made then we don't have to wait more.

Agree with @ raghavan but let me warn you that, since most accounts have Pan mentioned in the client details, ITD can ask the info. from bank without you even knowing it.

Remember, also that any transaction involving amount above Rs.50000 is considered high value transaction and may lead to a notice and thus keep proper accounting.

Accounts with small amounts are not the concern of ITD currently as they have bigger fish to fry but due to increase in technology access by ITD, they can track down hidden income and in future it would be better to show all your bank accounts in return or in your accounts.

ITD has much more resources available with it and it will have excess workforce, which might be utilized to harasse tax evaders so take care...

but currently, do not worry.

Agreed anubhav your view is correct
Thank you all for this useful information :) This help me alot.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register