Declaration of multiple bank accounts

ITR 1237 views 3 replies

Tushar

MBA

52 Points Joined June 2014

Hi all,

I filed my income tax return originally using ITR 2A and also revised it due to some mismatch in TDS and missing source of a small income. However, just now I noticed that the form had asked for details of ALL domestic bank accounts this year, which wasn't the case in previous years. Since I have been filing my tax returns using a third party website (cleartax) for years, I didn't notice this change appearing in their webpage layout prominently and so I mentioned just one bank account as I always did in the past. Now, is it worth revising the tax return ONCE MORE just to include the details of two more bank accounts that I have (active) apart from the one which I've already mentioned in the form? I am confused as the tax return revision is quite an effort and doing it just to add bank account details doesn't seem to be a good idea. How much important is it?

I will appreciate your opinion.

Tushar

Replies (3)

raghavan

self

611 Points Joined August 2011

No body have an idea what it dept going to do on bank details. I feel they need bank accounts for confirming total credits to such accounts during the year. If you have more income transaction through other bank account u go for revised filing. Anyhow u have time to revise till march 2016 hence wait for news and decide later.

Tushar

MBA

52 Points Joined June 2014

Originally posted by : raghavan
	No body have an idea what it dept going to do on bank details. I feel they need bank accounts for confirming total credits to such accounts during the year. If you have more income transaction through other bank account u go for revised filing. Anyhow u have time to revise till march 2016 hence wait for news and decide later.

Thanks. I believe that I can't revise return once it's been processed. Right? It may get processed well before March 2016.

Udgam Koomar

Tax Technologist

1949 Points Joined August 2011

Yes, you will have to file revised return due to genuine omission clause. Return filing is a legal process whereby you sign and declare to conformity. The moment you revise now under section 139(5), the earlier return will be considered null and void, if you mention your earlier return ack number in this. First you can ogin to efile portal and click on change ITR particulars and check if they allow yo to add bank details else revise now, dont wait for processing.