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