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Disclosing Bank Account

Tax queries 1016 views 6 replies

Sehar Shivani

Executive

57 Points Joined February 2008

Hi all

This is regarding my Uncle's Individual Tax Assessment for FY 07-08

He opened a bank account- type of a/c- CLSB A/C- in the year 2005... However in that year his CA did not disclose his accounts in the book... All his major transactions - in white- are undertaken through this account... He had taken a house loan last year whose payment is also made through this account..... The interest earned on this was disclosed in the books last year, but the bank account was not...

He wishes to disclose this account this year and also wishes to claim dedustion u/s 80c and 24b with repect to his home loan.....

Will there be any penalty or complications ?????

Kindly Guide..

Thank You..

Replies (6)

S.Srinivasaraghavan

Chief Financial Officer and Co

11318 Points Joined September 2007

If he has disclosed interest and other income reflected in the said bank account where is the question of any penalty?

Sehar Shivani

Executive

57 Points Joined February 2008

that was done only last year.... only interest was disclosed.. nothing else... he wishes to disclose the bank account separately this time... can he?????

Shaily Jain

Chartered Accountants

1054 Points Joined June 2007

Yes sehar he can disclose this year

CA. Gurdeep Singh Chawla

C A

7080 Points Joined June 2007

He can disclose

Vijay

254 Points Joined February 2008

Yes He should disclose this account Vijay

Guest

you should disclose the a/c this year provided u have not escaped any income which u have received through this a/c and may be if u r caught for scruitny u may not be penalised as u have not escaped any income received through this a/c.