If you also have many bank accounts, then this news is very important for you. Due to this you will not only suffer financial loss, but you may have to face many problems.
Investment and tax experts also advise that you should have an account with only one bank. If you have an account with multiple banks, you may also face difficulty in filing returns.
what could be the damage
Tax experts add that you should have only one bank account. Ease of filing case return. Because the information about your earnings is in the same bank account. With different bank accounts, this process becomes lengthy.
In such a situation, the tax department can issue a notice to you. To solve such problems, Finance Minister Nirmala Sitaran had announced a new system in this budget.
Account may be inactive
If you do not do any transaction in your own bank account for a year, then you can suffer huge loss. The bank can declare your account inactive. If there is no transaction for two years, it turns into Dormant Account or Inoperative.
private bank charges extra money
The minimum balance of a private bank is very high. You have to keep at least 10 thousand rupees in your account. In rural areas it is 5 thousand rupees. If you are not able to maintain the minimum balance, then you will have to pay hundreds of rupees as fine without any meaning.
