Let us understand the latest mandatory requirements applicable to an individual assessee while filing his income tax return.
As per the new notification, passport numbers, if available, is required to be disclosed in Income tax forms. In addition to that total number of savings and current bank accounts with details held by the tax payer at any time during the previous year, excluding dormant accounts is also required to be provided.
Earlier it was proposed that assessee will be required to provide details of foreign travel undertaken with details of expenses in income tax return. It has now been rolled back and a mention of passport number on the IT return will be enough.
In bank details, assessee is required to provide following details of all saving and current bank accounts;
- IFS code
- Bank Account Number
Earlier it was proposed that assessee will be required to provide details of all the bank accounts held during the previous year including the particulars of joint holders and closing balances in those bank accounts. It has now been rolled back due to which the particulars of joint holders and closing balances in those bank accounts are not required to be furnished.
Dormant accounts not operational for last three years are not to be furnished.
While providing bank account details, tax payer is also required to chose the account to which they wants to received refunds, irrespective of whether there is refund due in the tax return or not.
In addition to bank account and passport number, assessee is also required to mention Aadhar card number in the income tax return.
If assessee has Aadhar card then its optional for him to send the acknowledgement copy i.e. ITR-V to the Income Tax Department in Bangalore.
In this new system, assessee is required to verify by entering a verification code associated with the Aadhar Card. Once the verification code is entered, the e-filing will be verified and posting of ITR-V to CPC, Bangalore office will not be required. If you have not verified then ITR-V has to be sent to tax department’s CPC, Bangalore address for further processing.