Bank account details a must for income tax returns

To check the menace of black money, the government has made it mandatory for taxpayers to disclose in the income tax return forms, all bank accounts held by them and the foreign tours undertaken in the assessment year.

The Central Board of Direct Taxes (CBDT), which notified the new I-T return forms, added the columns for two new information in them. The bank account information should be a detailed one, including the ones which have been closed in the particular year. The details of the last balance held in each account as on March 31 should also be shown in the form.

The assessee will also have to furnish the name of the bank, account number/numbers, its address, IFSC code and any possible joint account holder, an official said. The details of foreign travel by a taxpayer include passport number, the issuing place of the passport, countries visited, number of times a country was visited, etc.  In case of a resident taxpayer, the expenses incurred from own sources in relation to such travel is also to be filled.