Cbdt mandates disclosure of all bank accounts in itr

CBDT mandates disclosure of all Bank Accounts in ITR

CBDT 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