What is need to add Bank details while filing Income tax Return?
The Income Tax Department used to require at least one bank account details to process your refund.
From 2015, the Income Tax Department has given mandated that all taxpayers must report all the bank accounts they possess in the tax return. This also includes joint accounts as well.
Is it mandatory to give the details of all bank accounts while furnishing ITR?
When you are e-filing your return, the department will not ask for giving all the bank accounts you have mandatory. But, one should know that in case of opening a new bank account filling up KYC and submission of PAN number are mandatory. Since, the pan number is linked with the income tax return, the department has knowledge of every bank accounts that you possess.
Note-: It is not mandatory to provide details of accounts which are dormant.So, one can omit giving details of those accounts which have been not in operation for the past 36 months, since those are considered dormant.
What is IFSC Code?
IFSC (Indian Financial System Code) is basically a code which is alphanumeric containing 11 Characters. It is given to each bank branch which takes part in the basic electronic systems i.e. RTGS (Real Time Gross Settlement) or NEFT (National Electronic Funds Transfer).
You can find IFS Code from your chequebook as shown below.
Or you can find your IFS Code from the website: https://myitreturn.com/bank_ifsc_code
What is MICR code?
MICR - Magnetic Ink Character Recognition is a technology of processing cheques. It is of 9 digits and can be found in your bank account's cheque book.What is bank branch code?
BSR code (bank branch code) is unique for a branch of a bank. Hence all the branches of any Bank will have its unique BSR ( Basic Statistical Return) Code. This will help to recognize the bank's branch detail.
What is ECS?
ECS is an electronic mode of funds transfer from one bank account to another. It can be used by institutions for making payments such as distribution of dividend interest, salary, pension, among others. It can also be used to pay bills and other charges such as telephone, electricity, water or for making equated monthly installments payments on loans as well as SIP investments. ECS can be used for both credit and debit purposes.
How to add Bank details in myITreturn mobile app?
Please add the details of your Bank by entering IFSC code, Bank Name, Account Number as well as the type of account and click on the "SAVE" in order to save the details which you have entered.