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📢 Bank Account Reporting in ITR FY 2025-26

Important Update: All taxpayers must report their bank account details while filing Income Tax Return (ITR).

📌 Introduction

While filing Income Tax Return (ITR), taxpayers are required to provide details of their bank accounts. This helps the Income Tax Department verify financial transactions and ensures correct reporting of income. Missing this information may lead to notices or defective return issues.

📊 Details

  • All active bank accounts (Savings, Current, Salary, Joint accounts) must be reported.
  • Closing balance as on 31st March may be required in certain ITR forms.
  • Keep bank statements from 1st April to 31st March ready for accurate filing.

⚖️ Important Rules / Law

  • Bank account reporting is mandatory as per ITR instructions issued by the Income Tax Department.
  • Under Section 139 of Income Tax Act, filing complete and correct return is compulsory.
  • Non-disclosure may result in defective return, scrutiny notice, or penalty.
⚠️ Warning: Failure to report bank accounts may lead to notices, penalties, or delay in ITR processing.

💡 Conclusion

Proper reporting of all bank accounts in ITR is essential to avoid notices and penalties. Always keep your bank details and statements ready before filing. Accurate disclosure ensures smooth processing and peace of mind.

GST & INCOME TAX
(AccoTAX Business Solutions)
Service - PAN India Basis
📍 Purnia, Bihar

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