How many bank accounts do you have and for what purposes?

[raghavx]

I hold following bank accounts

1. ICICI Bank (Savings) - For salary crediting and investments
2. IDFC First Bank (Savings) - for savings purposes, it gives good rate of interest.
3. DBS - Idk why I am still holding this.
4. Paytm Payments Bank - Had opened it long back, not sure why I am holding this too.
5. Fi.money - For day to day transactions as my primary savings account would get cluttered with few hundred rupees transactions.
6. Jupiter - Had opened alongside with Fi, thinking to close this.

 

[sm9811911]

I'm going on trips like outings, trekking. So I use fi as even my friends payment will be in this. After wards will be split and return equally leftover cash. Before I used to use kotak only for this. This is best for me as I can get statment later on

People used apps for this. Now they just create a new bank account. Lol

 

[RAMESH BABU N]

New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts -

The Economic Times -

New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts

New ITR forms: Resident individuals with income up to Rs 50 lakh, deriving earnings from salary, a single house property, other sources (interest), and agricultural income up to Rs 5,000, can file ITR 1, or Sahaj. In this filing, individuals will be required to furnish details of all Indian bank...

m.economictimes.com

Details ALL accounts are to be disclosed - together with cash receipts - to the ITD from this year onwards.

So, be prepared. And, be careful.

 

[abhiver]

AuntyJi (FM) bank account ka hisab khud se hi le leti Hai. Lagta Hai es election ke bayad who statement BHI analyse Karne Lagegi. 🤣

 

[krishg]

because I got a Zero forex RBL World Safari CC LTF).

Be careful with RBL World Safari, international transaction often does not work... maybe they are giving ltf because it's not that good...

 

[TheTrickySid]

Just 2k or something. It is Lifetime commitment zero balance account I got.

How did you get this??

 

[image]

Be careful with RBL World Safari, international transaction often does not work... maybe they are giving ltf because it's not that good...

For backup, keeping Fi Debit card (zero forex), OneCard (1%+GST) and few others (2 to 3.5%+GST) for my upcoming trip.

 

[sm9811911]

New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts -

The Economic Times -

New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts

New ITR forms: Resident individuals with income up to Rs 50 lakh, deriving earnings from salary, a single house property, other sources (interest), and agricultural income up to Rs 5,000, can file ITR 1, or Sahaj. In this filing, individuals will be required to furnish details of all Indian bank...

m.economictimes.com

Details ALL accounts are to be disclosed - together with cash receipts - to the ITD from this year onwards.

So, be prepared. And, be careful.

Thanks for sharing.. Cash receipts seem to be only for itr 4. Only change in itr 1 is type of account needs to be mentioned, account details were required before as well. Only itr 1 and itr 4 are notified yet.. Happy to be corrected if anything incorrect.

 

[RAMESH BABU N]

Be careful with RBL World Safari, international transaction often does not work... maybe they are giving ltf because it's not that good...

I rarely use our cards while being abroad. I get a local pre-loaded (or a low limit CC) - through my friends/relatives and use it everywhere. No declines, no problems. Ensures peace n trouble-free usage.

 

[abhiver]

I rarely use our cards while being abroad. I get a local pre-loaded (or a low limit CC) - through my friends/relatives and use it everywhere. No declines, no problems. Ensures peace n trouble-free usage.

By Local pre loaded card, you mean Forex card

 

[sm9811911]

For backup, keeping a Fi Debit card (zero forex) and OneCad (1%+GST) and few others (2 to 3.5%+GST) for my upcoming trip.

My strategy is to use cc which provides higher rewards than fx charge for all spends(ex idfc wealth). 0 or near 0 forex dc (Fi dc or niyo etc) for cash withdrawal only as needed. this depends on usage and country. And a couple of back up dc. In some countries you need more cash than others. I avoid prepaid cards as expensive and adds another set of complications.

 

[cardenthu09]

How did you get this??

They have a tie-up with my company. On basis of salary, I got privy variant which is zero MAB and one of its feature is Lifetime commitment zero balance

 

[TheTrickySid]

one of its feature is Lifetime commitment zero balance

Source for this info??

 

[manureddy148]

People used apps for this. Now they just create a new bank account. Lol

I didn't find any app which gives me UPI transaction statement. Not even Paytm. So I need bank for statment.

Fi has this payment analysis. And goal investment.

I also used to handle my mother customer payments once for her business as I helped her.

Il it's crazy. But I had to spread stuff.

Especially my investment.... which I do with 6 bank accounts.....one reason is very less transaction limits so I had to use multiple banks. And ICICI, axis told I can't open current account without any business proof.

Well....last time I went for 9 days Gokarna....I had an 22 page transaction statement.

With friends money also, I use fi to create goals. I can't use kotak for the same and noT Jupiter, because later we split the bills or have everyone contribution.

As I told I use Jupiter for my personal expenses.

 

[manureddy148]

New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts -

The Economic Times -

New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts

New ITR forms: Resident individuals with income up to Rs 50 lakh, deriving earnings from salary, a single house property, other sources (interest), and agricultural income up to Rs 5,000, can file ITR 1, or Sahaj. In this filing, individuals will be required to furnish details of all Indian bank...

m.economictimes.com

Details ALL accounts are to be disclosed - together with cash receipts - to the ITD from this year onwards.

So, be prepared. And, be careful.

I do get cash deposit....so should I deposit that also.

Well there is something called account aggregator which I use ind money to monitor my account.


Now why can't Income tax people use the same to fetch all my accounts based on PAN. They can even fetch my mutual funds. Shares traded from brokers and pre fill my ITR.

 

[RAMESH BABU N]

I do get cash deposit....so should I deposit that also.

Well there is something called account aggregator which I use ind money to monitor my account.


Now why can't Income tax people use the same to fetch all my accounts based on PAN. They can even fetch my mutual funds. Shares traded from brokers and pre fill my ITR.

The ITD has access and info on all your bank accounts, trading accounts, mutual fund accounts, credit card accounts, etc.,

But, before they take any action, they would like to give an option to each IT Payer or PAN holder to come clean on their own. If one has 15 accounts, and declares only 4 or 5 accounts, the ITD will mark that person for 360 degrees scanning n auto surveillance. If one declares all 15, he might be out of such an all-around-scanning.

ITD have just started with bank accounts now. I am sure, more measures to come. With increasing severity.

 

[quino]

But, before they take any action, they would like to give an option to each IT Payer or PAN holder to come clean on their own

but why?

in european countries, the tax is auto-calculated for everyone and presented to them through post/email/tax website. if there's any changes needed, tax payers can suggest the same & pay it. as simple as that.

this act of coming clean only increases anxiety for everyone and reduces the tax paid by citizens, as they try to hide assets & income.

it is a dysfunctional system to say the least.

 

[RAMESH BABU N]

but why?

in european countries, the tax is auto-calculated for everyone and presented to them through post/email/tax website. if there's any changes needed, tax payers can suggest the same & pay it. as simple as that.

this act of coming clean only increases anxiety for everyone and reduces the tax paid by citizens, as they try to hide assets & income.

it is a dysfunctional system to say the least.

You are entitled for your own views.
So, is the ITD.
Their job is to identify n bring all unaccounted into the system. And, make everyone realize their role n responsibility thus paving the way for fully automated tax collection n reporting system - as you are referring to.

 

[Deleted member 23535]

Salary account
Paytm bank for small, upi, rupay cc txns
Recently opened rbl for s+ dc

 

[Lobogris]

New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts -

The Economic Times -

New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts

New ITR forms: Resident individuals with income up to Rs 50 lakh, deriving earnings from salary, a single house property, other sources (interest), and agricultural income up to Rs 5,000, can file ITR 1, or Sahaj. In this filing, individuals will be required to furnish details of all Indian bank...

m.economictimes.com

Details ALL accounts are to be disclosed - together with cash receipts - to the ITD from this year onwards.

So, be prepared. And, be careful.

Needless drama. This requirement of disclosing all bank accounts has been there for a while. I have always only entered only 1 account where I get my refund or from where I pay the tax I owe even though I have around 20 bank accounts. This is a completely needless requirement as they already have this information from the TDS paid by every bank. I don’t know why they want to harass the taxpayer for needless information. If any account has substantial balance then TDS would be deducted and they would come to know anyway. I am not going to bother writing down all the accounts. I pay all tax due and have no secret income but don’t appreciate needless hassle and requirements. For the same reason I never disclose foreign travel. It’s none of their bloddy business as long as I am paying required taxes.

 

[cardenthu09]

Source for this info??

The deck they shared with me has It written and also RM confirmed it over WhatsApp