Is it mandatory to give the details of all bank accounts while furnishing Incomw Tax Return
Yes, You must disclose your all bank accounts details in your Income Tax Return.
Usually, the bank account that is frequently used for transactions is the primary bank account. The bank account used for the transaction with the Income Tax Department is the primary bank account.
In case, you closed your bank account during the financial year, you are required to disclose it in your ITR.
ITR forms require submission of bank account details. Should I disclose accounts where I am the 2nd or 3rd holder, the 1st being my parents?
Bank details needed to be submitted where you are the sole holder or 1st holder in joint accounts. If you have accounts where you are 2md or 3rd holder and not earning from that account then no need to show. But yes if you have proper earning from those accounts then you need to show. Mostly 1st holders have a primary hold on the account.
What would happen if I do not disclose all my active bank account details while filing income tax return in India ?
You can be liable for penalty as well as prosecution iif your omission is detected as the omission amounts to misstatement and iIf any income is also not disclosed this will be a case of concealment of income.
Prevalidation of any one bank account in your name is mandatory. Not all. This process was introduced to ensure security and refund to the rightful owner of refunds.
It is a simple process and you just need to link one bank account details to your income tax profile where you wish to receive your refunds. The same bank details should be mentioned in your ITR too (along with all other bank accounts) specifying the former as the preferred bank for the refund receipt.
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Is it compulsory to mention all the bank accounts in ITR form?
ITR forms require submission of bank account details. Should I disclose accounts where I am the 2nd or 3rd holder, the 1st being my parents?
How many bank accounts do I have to show while filing an online ITR?
Is a bank statement needed while filing ITR?
What if my brother transfers 50 lac from his account to my account? What should I show when I fill my ITR? Do I need to pay tax on the amount I receive?
Is it compulsory to pre-validate all bank accounts before ITR filing?