IMPORTANT NEWS WHO HAVE MORE THAN ONE ACCOUNT | EDU SATHI

Friday, 28 July 2017

IMPORTANT NEWS WHO HAVE MORE THAN ONE ACCOUNT


If you are operating more than one bank account, you will have to give complete information in the income tax return by July 31. It is noteworthy that many rules have been modified to file Income Tax Return. If someone does not do this then the Income Tax Department can take action against him.



The best way to ensure that you build wealth and avoid debt is to diligently plan and save as much money as possible for both future needs and desires. However, exactly how you handle your savings can depend greatly upon your financial habits. Some financial experts recommend setting up a simple savings account tied to your checking account, while others advocate opening multiple accounts to be used for various savings targets.

There are pros and cons to each approach. Of course, a major part of your final decision depends on your financial personality.
If this comes out, the Income Tax department can also levy penalty of up to 300% in addition to tax.
There has been some change in the rules for filing income tax return for fiscal year 2016-17. Now it is necessary to give all the bank account details in the Income Tax Return. If not, the Income Tax Department can take action against you. The account holder will have to give information about all his active accounts.

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