Do I need to report all my bank accounts in ITR Forms?
It is not compulsory to provide details of accounts which are dormant.
If you have a current or a savings bank account and have not done any transactions through it for more than 12 months, then it will be classified as an inactive account. And if you don’t do any transactions from a bank account for 24 months, then it will be classified as dormant. As per Reserve Bank of India (RBI) guidelines, an account becomes dormant if a customer does not initiate transactions such as withdrawal of cash at a branch or automated teller machine (ATM), payment by cheque, transfer of funds through Internet banking, phone banking or ATMs.
Tax returns filing - Recently Asked Questions
Our family owns some properties in Goa and the annual income is around INR 5 lakh per annum. Our family members are spread over Canada, Tanzania, the UK and Australia. How much tax are we supposed to pay? Are there any tax deductions we can claim?
I am a non-resident Indian (NRI) for tax purposes and I own one property each in Singapore and Coimbatore. I file ITR-1 return annually. Since I own only one property in India, can I continue to file ITR-1?