Income Tax Return Forms Notified

canikhil

Well-Known Member
#1
Dear Friends,

Income-tax Department has started notifying the Tax return forms. So its time we all buckle up and get ready for the filings.

I will soon share the new requirements for these tax forms.

Prima-facie:

1. If you traveled outside India during the FY 2014-15, you need to report your Passport number; and

2. You need to report the Account Number and ISF Code of all the current/saving bank accounts you have (accounts not used for last three years are not to be reported). Further, the bank balace is not required.

In case you have any queries and doubts, please free to ask.

Regards

CA Nikhil
 
#2
Hello,

Please explain what if -

the tax payer makes a mistake or forgets to enter one or more of the bank account details either wilfully or by oversight / error.

Thank you.

Brgds,
Oscar
 

canikhil

Well-Known Member
#3
Hello,

Please explain what if -

the tax payer makes a mistake or forgets to enter one or more of the bank account details either wilfully or by oversight / error.

Thank you.

Brgds,
Oscar
Dear Oscar,

As on today, nothing will happen. Because it wont result in tax evasion. But there can be queries from income-tax department later.

for eg: lets say you have a bank account with XYZ bank account which has deducted TDS on interest paid in this account or lets say there are cash transactions in an account to an extent that it is reported by the bank in its AIR. On basis of this information, Income-tax department may like to check whether you have any concealed income in this account or not since you have not reported its number in your return.

Given that Income-tax department has run a drive against AIR cases in past 2-3 years, you cannot rule out such investigations from the tax department in future.
 

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