CA Sandeep Kanoi

CA Sandeep KanoiCBDT has vide Notification No. 41/2015, Dated-15th day of April, 2015  Notified  ITR-1 ITR-2 ITR-4S ITR-V for A.Y. 2015-16 with several Changes. In such ITRs CBDT has for the first time required an assessee to Compulsorily provide details of all Bank account held in India (including in joint names) at any time during financial year 2014-15 including details of those which were closed during the year.

Assessee has to provide the following details :

  • Number of bank accounts held by you at any time (including opened/closed) during the previous year– In case of Paper Returns if No. of accounts are more than two you attach a separate sheet providing details of all such accounts.
  • IFS Code of the Bank –
  • Name of the Bank –
  • Name of Joint holder(s), if any – In Our opinion you have to give details of all bank account jointly held in India by you even if you are not the first Joint Account older in the account.
  • Account Number
  • Account balance as on 31 st March of the previous year– In case the account is closed during the
    year, in the column for account balance as on 31st March mention “closed”.

Format of Schedule BA of Newly prescribed ITRs which mandates disclosure of Bank Accounts is  as follows :-

Schedule BA

Details of Bank Accounts held in India at any time during the previous year

Number of bank accounts held by you at any time (including opened/closed) during the previous year  
Sl. IFS Code of the Bank Name of the Bank Name of Joint holder(s), if any Account Number Account balance as on 31st March of the previous year
1.          
2.          

Question which needs Clarification in respect of Disclosure requirement of Schedule BA  Whether the word “All Bank Accounts” includes Recurring Deposit A/c, Fixed Deposit A/c, Time Deposit A/c, Loan A/c besides Saving and Current A/c?

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39 responses to “CBDT mandates disclosure of all Bank Accounts in ITR”

  1. Radha says:

    Should ppf a/c details be given in itr 1 bank details….
    If i someone mentions ppf no… Then what could be done…

  2. Deepak says:

    Sir if 2Lac Deposit made in joint bank account during demonitisation. How it will be disclosed in itr of Both the persons.

  3. Rahul Mittal says:

    Dear Sir,
    I am a individual & i have 2 saving & 1 joint a/c with wife so i asked that i saw all the bank a/c details in the return & also saw the Interest of all accounts. please reply asa.
    Regards
    Rahul Mittal

  4. Ritesh says:

    other bank account except saving and current is no required.

  5. swapan chatterjee says:

    Want to know for a partnership firm (traditional one) for last year 2014-2015 IT return filling whether all the partners has to produce there all the personal bank account details for firm IT return.

  6. idiot says:

    THE FIRST PROBLEM WITH THE LAW OF DECLARING ALL BANK ACCOUNTS IN THE ITR IS THAT THE TIME GIVEN FROM THIS YEAR ITSELF IS VERY SHORT.
    IT SHOULD ACTUALLY START FROM NEXT YEAR.THEN THERE WERE AMENDMENTS ON TEH SAME AS ITR FORMS WERE AGAIN CHANGED. THEN THE TIME WAS EXTENDED FOR FILING RETURNS WAS EXTENDED TILL 31ST AUGUAT 2015.
    IN FACT BANKS WHO ARE PAYING INTEREST ON FD’S ARE NOT VERY GEAREDUP WITH TAX PAID ETC.
    IT IS A FACT :- YOU TAKE ALL THE INTEREST ON YOUR FDS IN A BANK CREDITED TO YOUR BANK ACCOUNT (ALCULATED BY THE TAX PAYER ON BASIS OF ACTUAL CREDITS TO THE ACCOUNT AND THAT CALCULATED BY BANK (WITH MERCANTILE SYSTEM OF CALCULATION) WHEREIN INTEREST ACCRUED AND IN FACT NOT PAID WILL HAVE A LARGE DIFFERENCE BECAUSE IF SAY ONE OF YOUR FD OR SAY N NUMBER OF FDS ARE AMTURING IN 2017-18 FY. THEN INTEREST (ACCRUED) ON TAHT FOR THAT YEAR IS ALSO INCLUDED AND CALCULATED BY THE BANK. THE IT DEPT WILL TAKE THAT INTEREST BY BANK SHOWN IN 26A (TAX DEDUCTED OR NOT NOT DEDUCTED AS THE CASE MAY BE) BUT TAX AYER ENDS UP PAYING MORE OR WHEN THE AMOUNT IS DIFFERENT THE IT DEPT. WILL LEVY PENALTY ON THE TAX PAYER BECAUSE HE OR SHE HAS CALCULATED ON ACTUAL CREDIT BASIS.AS SUCH I HAVE MENTIONED IN THE BEGINNING THAT THE TIME GIVEN BY CBDT IS VERY LESS. GOING TO BANK GETTING ALL FIGURES, TALLYING WITH THE ACTUAL CREDITS ETC IS A HERCULIAN TASK. THERE CAN BE ERRORS MADE BY BANKS ALSO WHICH ARE TO BE THEN CORRECTED.

    UNDER THE CISRCUMSTANCE THE GOVT. WAS GETTING INFO ON BANK ACCOUNTS MANY YEARS AGO WHEN KYC CAMPAIGN HAD STARTED AND IT WAS POSSIBLE TO TART THIS ALL BANK ACCOUNT MATTER EARLIER OR NOW GOVERNMENT MUST GIVE TIME TO TAX PAYERS OF ONE YEAR AND START THIS ACTIVITY FROMMFY YEAR 2016-17.

    THE GOVT. HAS TAKEN THIS STEP VERY VERY HASTILY AND DOES NOT HAVE PROPER CLARIFICATIONS:- WHAT ABOUT RD, FD’S IN POST OFFICES, JOINT ACCOUNTS, NSC, KISAN VIKAS PATRA ETC WHICH ALSO FALL UNDER BANKING. WHAT ABOUT PENSION ACCOUNTS???? ACTUALLY THIS HAS LED TO A LOT OF CONFUSUION AND I OBSERVED THERE IS RUSH IN BANKS TO GET ACCOUNT STATEMENTS, INTEREST PAID STATEMENTS AND FURTEHR CONFUSION ON THE AMOUNTS NOT TALLYING WHEN COMPARED WITH ACTUAL CREDIT OF FD INTEREST TO BANKS AND THAT SHOWN AS PAID BY BANKS IN THEIR INTEREST PAID STATEMENT.

    THIS IS A VERY SERIOUS MATTER AND CBDT, FINANCE MINISTRY, COMMERCIAL MINISTRY MUST IMMEDIATELY STOP THIS AND GIVE TIME FOR A YEAR TO TAX PAYERS TO TAKE THEIR OWN TIME AND DO THE DECLARATIONS.

  7. v.s. bansal says:

    your given vide Notification No. 41/2015, Dated-15th day of April, 2015 nothing is mention details related to banks details for income tax returen.

  8. P S BASU says:

    For Individual Salaried “All BANK A/c” means what?? sb a/c, fd a/c , rd a/c ??????

  9. anjali says:

    what happend if we dont give other account details

  10. idiot says:

    IT SOUNDS ABSOLUTELY FOOLISH WITHOUT COMPLETE CLARIFICATIONS ON PART OF THE FINANCE MINISTRY TO ASK FOR THE SO CALLED ALL BANK ACCOUNT DETAILS.
    THE FINANCE BILL WAS PASSED DURING BUDGET.
    ALL THIS ADDONS HAVE COME AFTERWARDS AND ARE NOT PROPERLY PASSED IN THE PARLIAMENT.
    THERE IS NO CLARIFICATION ON THE TERM ”BANK ACCOUNT (WHICH REALISTICALLY COVERS SB, FD, RD, EVEN PPF, MIS , EVEN NSC IS A FD AND A TYPE OF BANK ACCOUNT THEN WHAT ABOUT THAT?????)

    THE GOVERNMENT VERY SWEETLY PROMISED GETTING BALCK MONEY FROM SWISS BANK OR ABRAOD IN TERMS OF BROADLY SPEAKING INSTEAD IS AFTER SALARIED CALSS TO EXTRACT MONEY FROM THE REALISTIC CLASS OF IT PAYERS.
    WHAT ABOUT THE URBAN AREA NON TAX PAYERS WHO HAVE LACKS OF RUPEES OF AGRO INCOME???WHAT ABOUT PAAN BEEDI SHOPS AND GREEN GROCERS WHO GIVE BILLS WITHOUT CARBON COPY. UPA GOVT HAD INTODUCED RS 1500 TO SUCH MERCHANTS WHO ARE ENJOYING THE SAME FOR MAY YERAS.
    WHERE IS THE RS 15 LACS WHICH THE PRIME MINISTER MR NARENDRA DAMODARDAS MODI PROMISED TO GET IN EACH INDIAN CITIZEN’S ACCOUNT????? AS PER THE GOVT SURVEY ITSELF A LARGE PERCENTAGE OF THE POPULATION EARNING TACXABLE INCOME DO NOT FILE RETURNS (THERE ARE MANY MINORITY PEOPLE WHO DO NOT FILE RETURNS-AUTHENTICATED INFO BY A PERSON HIMSELF)WHAT ABOUT THEM???

    THIS WILL GIVE RISE TO PEOPLE WITHDRAWING MONEY FROM BANKS AND STORING THE SAME IN BATHS AND TUBS AND UNDERGROUND AS IT USED TO BE SHOWN IN HINDI PICTURES ERALIER.
    EVEN THAT LOKPAL LAW FOR GOVT EMPLOYEES TO DECLARE ASSETS IS ALL RUBBISH. THAT ANNA HAZARE HAS NO OTHER WORK AND TO GAIN POLITICAL MILEAGE THIS NDA GOVT. DANCED TO HIS TUNES.
    NOW AGAIN HE IS REVOLTING WITH AANDOLANS ETC. WILL GOVERNMENT DANCE TO HIS TUNES AGAIN.IS THIS THE WY A DEMOCRATICALLY ELECTED GOVERNMENT OR GOVERNMENTS (BOTH UPA AND NDA ) WILL FUNCTION.

    THE NDA GOVT. HAS LOST ITS CITIZEN FRIENDLY FACE BY DOING ALL THESE UNWANTED ACTIVITIES.

    THIS ABSOLUTELY IMMORAL ON PART OF THE GOVERNMENT TO FORCIBLY ASK PEOPLE TO DEACLRE FINANCIAL AND PERSONAL DETAILS.

    WHY WAS THE KYC AND PAN ASKED DURING PAST 5 TO 7 YEARS BY ALL BANKS??? TO GATHER RADDI OR GOOVT SELLS ATHTA RADDI AND EARNS MONEY OUT OFT???

    WHEN PAN AND KYC WERE GIVEN AGAIN AADHAR WAS ALSO INSISTEDA ND GIVEN THEN WHY THE CBDT WANTS AGAIN THE SAME TO BE MENTIONED IN IT RETURNS????

    THIS WILL ENDUP IN PEOPLE DOING MORE FRAUD AND RISE TO INSPECTOR RAAJ AND BRIBERY.

  11. S. Purkait says:

    I did not show my income from S.B. accounts in ITR of the last A.Y.(i.e., 2014-15) as this was bellow Rs.10000 and would be deducted u/s-80TTA. The ITR has not been processed till date. If I show my S.B. account details in the current A.Y. what will be the consequences?

  12. arvind says:

    if my another account is joint,than its mandatory to give details in itr form 1

  13. prince says:

    suppose all bank Accounts are not filled in forms then what is the tax treatment

  14. Jatin Bhola says:

    Dear fellow Indians,

    The new ITR forms specifically ask you to detail only those accounts that are considered “CURRENT” and/or “SAVINGS”.

    RDs and FDs are neither of the two above, so they do not need to be reported on ITR.

  15. Deepak says:

    whether giving all bank account no is mandatory for a genuine salaried class employee who is entitled for refund of rs 2000..we have given one account for refund purpose . In other account assess getting LPG subsidy …is it that much serious to give bank all bank detail..for small assessee of refund case

  16. D C DWIVEDI says:

    CLARIFICATION NEEDED
    ACCOUNTS MEANS
    1 ACCOUNTS WITH FIRST NAME OR
    2 ALL THE ACCOUNTS IRRESPECTIVE OF NAME FIRST OR SECOND

  17. R S MOHITE says:

    Alongwith bank count details and verification,Income Tax Dept should collect details of total properties in municipal ,corporation area and it should be compared with revenue dept record to find out real owner and source of investment.Only Bank accts will not give details of taxable income

  18. Virendra says:

    CBDT is looking for black money trail. What about furnishing names of all donors including those giving less than Rs 20000 to political parties? Without it, there is no moral authority to ask for bank details of individuals and who spent for your foreign visit. Persons spending for political parties should also be known.

  19. k Saralaya says:

    Instead of fulfilling the electon promises made, the BJP govt is targetting the voters who have votd him coz of frustration with Cong.!.
    What happened to Black Money issue? Let them atleast bring 1 % of what they were talking about during elections?
    What happened to ‘Namami Ganga’? at the end of 5 years it is going to be ‘Salam Ganga?
    Look at the harsh penal provisions of New Cos Act, 2013? It prohibits owners of the company to bring in money to their own Company! Penalty will be in lakhs! if the owners/share holders bring in their money to support their company needs!
    Look at the progress of promise of cleaning Politics within one year. Not even an inch moved in this direction!
    Slowly we are understading the reality that all those promises were only election promises were fake and not real.
    I am sure BJP is gearing up to get routed in the next general elections.
    The trend seems to be in this direction.
    Instead of targetting those who deal in Gunny Bags, they are targetting those who transact through Bank Account.
    How safe is this disclosed bank account in the hands of corrupt officials?

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