Schedule ba for bank accounts
This query is : Resolved
18 April 2015
In the new ITR 2 there is a mandatory schedule BA for Bank Accounts. Is details of only SB / Current to be furnished or also the fixed and recurring deposit. What about loan accounts like car loan or personal loan?
CA PARAS BAFNA
(Expert)
18 April 2015
The meaning of all accounts has to be taken as all the accounts with the bank of whatever type.
.
Looking to the purpose behind obtaining such details, we must provide the details of all such bank accounts including FDRs RDs, Loan A/cs etc.
.
Any clarification at a later stage may be given by the department but till that time, we can construe as reporting all the accounts.
.
.
Looking to the purpose behind obtaining such details, we must provide the details of all such bank accounts including FDRs RDs, Loan A/cs etc.
.
Any clarification at a later stage may be given by the department but till that time, we can construe as reporting all the accounts.
.
19 April 2015
Thanks. Logically one would have to give negative principal outstanding for loan accounts. What needs to be seen is credit cards. Some banks give seperate account number for personal loan or emi conversion and some dont. Credit card issuers like american express do not have ifsc code of their own.
CA PARAS BAFNA
(Expert)
19 April 2015
Let us wait for the clarifications from the department. In today's newspaper, there was a news article related to the new ITRs. As a result of representations made by the professionals, The FM has directed to reconsider the formats.
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