Bank account disclosure in new income tax return forms for AY 2015-16

A new disclosure with respect to bank accounts has been added in the income tax return forms for AY 2015-16.

As of now ITR-1, ITR-2, ITR-2A and ITR-4S have been notified by the income tax department for income tax return e-filing.

Here we list down the information which has been asked for bank account information –

  • Total number of bank accounts both savings account and current account held by you at anytime during 1st April 2014 to 31st March 2015.
  • It is not compulsory to provide details of accounts which are dormant. For this purpose any accounts which have been in-operational for the past 3 years are considered as dormant.
  • Provide IFSC Code of the Bank – You should be able to find it in the cheque book of the bank where you have an account or online with the bank. If you file your income tax return with ClearTax our software lets you put an IFSC code through automatic search.
  • Name of the Bank – ClearTax automatically populates the name of the bank when you enter its IFSC code.
  • Account Number – Your bank account number has to be provided. This must be a 9 or more digits number.
  • Mention whether the account is a savings account or a current account
  • Select the account where you want to receive refund of tax – You have to select the account where you would like refund to be credited irrespective of whether you have a refund due or not in your income tax return.

 

If you have any questions or need any help, drop us an email support@cleartax.in and we will help you out!

 

24 Responses to Bank account disclosure in new income tax return forms for AY 2015-16

  1. Kshitij July 4, 2015 at 2:46 pm #

    What about joint accounts-
    do I have to provide information if 1) I am first holder 2) I am not the first holder

    • cleartax-team July 6, 2015 at 5:24 pm #

      Since information is required to be disclosed for all bank accounts held, therefore, joint accounts must also be disclosed.

  2. A K Patro July 6, 2015 at 10:22 am #

    Dear Sir,

    Could you please guide me on uploading my xml downloaded from xl file for the AY 2015-16. I tried to upload the file, where as when i logged in could find form ITR-2 but could not see the Assessment Year 2015-16.

    Could you please provide the we blink to upload the XML file ITR- 2 for the AY 2015-16. Your timely reply will be highly appreciated.

    Rgds/ A K Patro

    • cleartax-team July 6, 2015 at 5:28 pm #

      Unfortunately sir, we can only help and guide you with income tax return filing on http://www.cleartax.in. Do reach out to us if you are filing with us and have any questions, we would be happy to support you 🙂

  3. Ramachandra July 7, 2015 at 11:30 am #

    DEAR SIR

    I HAVE 3 BANK A/C NUMBERS IS THEIR AND ALL ACCOUNTS ARE ACTIVE . NOW I WILL FILLING ALL ACCOUNT DETAILS IN ITR FORM.ITS A NECESSARY OR NOT..

    • cleartax-team July 7, 2015 at 11:42 am #

      Yes, it is mandatory to disclose all bank accounts held by you which are active. Do remember to select the account for refund (even though you may not have any refund).

  4. Manoj July 8, 2015 at 4:34 pm #

    Do I need to give my home loan account details too?

    • cleartax-team July 8, 2015 at 4:54 pm #

      Hi Manoj, details of home loan such as – address of the property, co-ownership details, PAN of co-owners, % share etc may be required. This also depends on the ITR form you are filing. ITR-2 and ITR-2A ask for many details.
      If you need any help write to us support@cleartax.in

  5. subhash July 8, 2015 at 8:15 pm #

    i filed return without mentioning all accounts , shall i revise

    • cleartax-team July 9, 2015 at 11:28 am #

      Sir, if you have already filed you need to revise your return and include details of all bank accounts. We can help you, just send us an email support@cleartax.in

  6. Joshi July 10, 2015 at 1:22 pm #

    Whether NRE and NRO accounts details are also required to be given in the form of Non resident

    • cleartax-team July 13, 2015 at 12:45 pm #

      Yes sir, since NRE and NRO accounts are types of current & savings account, these must be disclosed in the return.

  7. SAMEER KUMAR AGGARWAL July 10, 2015 at 4:14 pm #

    what should be disclosed PPF account in ITR

    • cleartax-team July 13, 2015 at 12:52 pm #

      Sir, PPF accounts are not required to be disclosed in the ITR as part of the bank accounts disclosure.

  8. Aman July 11, 2015 at 12:52 am #

    I Have not mentioned all the bank account details while filing return, what will happen if i not disclose all the bank details? is there any penalty for that?

    • cleartax-team July 13, 2015 at 12:50 pm #

      Sie, you may revise your return and mention the bank account details – pls write to us support@cleartax.in

  9. SUNIL July 11, 2015 at 1:39 pm #

    iN ITR FORM dO i NEED TO GIVE BANK ACCOUNTS DETAILS IN WHICH i AM SECOND HOLDER

    • cleartax-team July 13, 2015 at 12:53 pm #

      Yes, all bank accounts must be disclosed, including those held jointly.

  10. Jinal July 12, 2015 at 6:11 pm #

    I need information about what type of account should mention.

    1. Like they mention that Dormant account should not part of list.
    2. What about joint account ?
    3. If account is joint and my name is second then should I mention that account ? As First account holder filed return ?

    Any detail would highly appreciable.

    Thanks.

    • cleartax-team July 13, 2015 at 12:56 pm #

      Please mention details of all bank accounts, including joint accounts. Both first holder and second holder may disclose.

  11. Sumit Mittal July 13, 2015 at 5:33 pm #

    Sir
    ITR forms with red columns are mandatory to fill. But column of bank details (other than account in which refund needed) are not red. So my question is whether only mentioning of number of accounts are mandatory or details too are mandatory.

    • cleartax-team July 13, 2015 at 7:58 pm #

      Mentioning of account details in all the columns provided is mandatory.

  12. Raj July 15, 2015 at 2:26 pm #

    I have 4 bank accounts. In one of the bank IFSC code not available. How do i enter bank details in such a case?

    • cleartax-team July 15, 2015 at 3:19 pm #

      You can easily look up IFSC code easily when you file at http://www.cleartax.in or you can look for it in the bank’s cheque book.