Tax Executive
530 Points
Joined July 2012
"What is the logic behind mentioning all the bank account details.
IF we mention all the bank details, does that mean we have not concealed any income chargeable to tax."
For the purpose of getting information of bigger transactions income tax has asked for mentioning all accounts information. Point to be noted that the department has asked to mention Active Account Details and not those which are not in running position.
Think for a while, you have 3 active accounts but you mentioned only 1 account. Now, Banks submit some transactions details of their customers to IT department. And by this way the IT department may come to know your other accounts activites. If you are assessed by IT department, it will ask you that you have other accounts but why did you mention only 1 account then what will you say?
So, it is advised to mention all active account details.