All bank accounts a must while filing Income Tax returns

DC CORRESPONDENT
Published Apr 18, 2015, 8:52 am IST
Updated Mar 29, 2019, 10:46 am IST
These steps have been taken even though banks have to mandatorily deduct TDS
Filing IT returns; Representational Image (Photo: Pixabay)
 Filing IT returns; Representational Image (Photo: Pixabay)

New Delhi: Filing your income-tax return this year has just become a little more cumbersome. Despite the fact that furnishing a PAN number is mandatory while opening any bank account, the income-tax department now wants taxpayers to fill in details of all his/her bank accounts held in India.

Taxpayers who fill in the ITR-2 form, which is mainly for those with more than one source of income, also have to disclose full details of all foreign travel in the financial year while filing returns for assessment year 2015-16.

 

These steps have been taken even though banks have to mandatorily deduct TDS for any interest income above Rs 10,000 in a financial year, and this record is available to the income-tax department. Moreover, information about deposits above a specific amount in a bank account in a financial year is also sent to tax department by the banks.

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