MANDATORY DISCLOSURE OF ALL BANK ACCOUNTS IN ITR

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Central Board Of Direct Taxes has mandated every assessee to disclose his all bank account details while furnishing Income Tax Return i.e. ITR. Earlier this provision is not in existence. Earlier assessee has to disclose only one bank account of his choice. Bank account may even be of his relative etc. The information of bank accounts is required to transfer the amount in case of refund.

The purpose of Central Board of Direct Taxes in this regard is to keep track on the transactions of the assessee during the year.

In this regard assessee has to disclose the closing balance of the account as on 31st March of the previous year relevant to Assessment year. Further assessee has to mention the number of accounts which has been closed during the year. The basic purpose has to keep assessee’s information in more transparent way.

The information which is requested/required by the Central Board of Direct Taxes in income tax return is as under:-

1. Bank Account Name 
2. Bank Account IFSC code 
3. Name of the Bank in which account is opened 
4. Assesse has to mention the joint holders of account in case of Joint account of assesse. 
5. Balance in the account as on 31st day of March of the previous year of relevant Assessment year. 
6. If any bank account has been closed in the mid of year then assesse has to mention as “Closed” in place of balance .

The schedule in which the above mentioned information is to be filled is suggested as SCHEDULE BA by the Central Board of Direct Taxes.

Now some basic question arises in mind that whether “all bank accounts” includes recurring deposit account , fixed deposit account, time deposit account, Loan accounts etc. or not. Assessee needs clarification from the Central Board of Direct Taxes as early as possible.

You Can download the official notification published by the Central Board of Direct Taxes by clicking on the downloading links below:-

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