Number of bank accounts in form ITR-2

Number of bank accounts in form ITR-2

My chartered accountant put down 1 in the number of bank accounts whereas I have two NRO and two NRE accounts, Form 16A clearly shows TDS from the two NRO accounts. First, I'd like to know if you have to show account numbers, name of bank and IFSC codes for the NRE accounts. Also is it necessary to submit an amended return reflecting these changes? Thank you.

Asked 8 years ago in Income Tax

To add, the CA put down bank name, account number and IFSC code for one bank only.

Asked 8 years ago

Ideally you should have disclosed all the bank accounts, as required in the ITR. However, now that the ITR has been efiled, you may revise the return, if the deposits in the bank accounts are significant and have any impact on your tax liability. Otherwise, you may just ignore and submit the details, as and when called for. Unless, you have substantial tax issues, you may not, in normal course, be called to submit additional details. However, next year you may exercise caution and disclose.

B Vijaya Kumar

CA, Hyderabad

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Thanks. The deposits in the NRO accounts are insignificant. I'm actually due a refund. However, the deposit in one of the NRE accounts is significant, however NRE accounts do not figure in computation of taxable income or liability as far as I know. The question still remains - is it necessary to disclose NRE account information in the return? The CA that filed my return says it is not necessary to do so.

Asked 8 years ago

We suggest that you file revise return incorporating all the Bank Accounts as it is mandatory to disclose all your Bank accounts including NRE.

Or the next option is you keep silent and if you receive any kind of query then you answer the same.