Please anyone explain me ,what are the penal provisions for the new amendment to disclose all the bank accounts in ITR.?
Means if i do not show details of 1 or more of my bank accounts then what are the consequences available to the Income Tax department.
Note:- All my accounts are of india only. No foreign Link.
Same is my query. Waiting for someone to enlighten me. :/
It is not clear to me also, why they are asking the individual account nos. while, as I understand, IT dept. can access all your bank accounts and do scrutiny based on PAN no. what guarantee is provided for individual privacy to the legitimate balances in various accounts maintained, will it not be a leakage problem like we are facing with mobile numbers being shared without our permission. further to this they made banks to allow e-filijng online which says " your account number will be shared with income tax dept for audit trail purposes" funny
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