Old Bank Account - in current I.T. Return
This query is : Resolved
01 April 2008
Hi, I've a query!!
Its about 1 savings bank account I'm having with nominal balance of 15000. I got this opened when I was doing part time job with college studies for only 3 months. Then I did not operated it for 4 yrs.
Now, in these 4 yrs I got shifted to some other state where i worked full time and had got my PAN card and filed a couple of IT Returns - without the above said bank details. ( I almost forgot that).
Now I'm again shifted to my old place and wish to operate my old bank account which I've not shown in books and return. So can you please suggest me if its legal/valid or any way how I can operate it and show in my next IT return.
I'd appreciate your help.
Its about 1 savings bank account I'm having with nominal balance of 15000. I got this opened when I was doing part time job with college studies for only 3 months. Then I did not operated it for 4 yrs.
Now, in these 4 yrs I got shifted to some other state where i worked full time and had got my PAN card and filed a couple of IT Returns - without the above said bank details. ( I almost forgot that).
Now I'm again shifted to my old place and wish to operate my old bank account which I've not shown in books and return. So can you please suggest me if its legal/valid or any way how I can operate it and show in my next IT return.
I'd appreciate your help.
01 April 2008
Hello Prashant,
Since u had shifted to sm other state 4 years back just after u opened ur account and nw u have been posted again in the same city, u can easily show ur bank details in ur next ITR.
See Prashant, these days IT returns are filed in gud faith i.e. no proof of income or investment or any other detail is to be attached with ITR.
Those documents are supposed to be presented only if IT Officials ask for them.
The only thing u will have to do in case IT Officials ask for the details is, to satisfy them with ur proofs and justification.
U can easily tell them that while shifting to the other place i had misplaced the passbook and in the absence of my a/c no. i prefered to avoid its disclosure. But recently i found that book and immediately contacted with the bank for converting its status from dormant to active and i will be operating this account in future.
I think this is sufficient for ur query.
Since u had shifted to sm other state 4 years back just after u opened ur account and nw u have been posted again in the same city, u can easily show ur bank details in ur next ITR.
See Prashant, these days IT returns are filed in gud faith i.e. no proof of income or investment or any other detail is to be attached with ITR.
Those documents are supposed to be presented only if IT Officials ask for them.
The only thing u will have to do in case IT Officials ask for the details is, to satisfy them with ur proofs and justification.
U can easily tell them that while shifting to the other place i had misplaced the passbook and in the absence of my a/c no. i prefered to avoid its disclosure. But recently i found that book and immediately contacted with the bank for converting its status from dormant to active and i will be operating this account in future.
I think this is sufficient for ur query.
02 April 2008
No Ms Reetika such excuses won't work with IT person.
Mr Prashant, as u say that the account was almost inoperative for last 4 years, it is better u show the balance in Bank Account under head "Cash & Bank Balances" and also add the same to ur capital.
I don't think u need to explain anything to the IT Officials. Y
However, if the file goes for scrutiny then you can expalin the whole instances. At the most they can levy tax on this balance, provided the total income exceeds the minimum taxable amount.
Mr Prashant, as u say that the account was almost inoperative for last 4 years, it is better u show the balance in Bank Account under head "Cash & Bank Balances" and also add the same to ur capital.
I don't think u need to explain anything to the IT Officials. Y
However, if the file goes for scrutiny then you can expalin the whole instances. At the most they can levy tax on this balance, provided the total income exceeds the minimum taxable amount.
02 April 2008
Yes, Gopal is right,Increase Bank Balance and Capital account. Show it there is no problem as you had not earned any income that is deposited in this account.
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