Now report these in income tax

Additional transactions to be included under the reporting standards of income tax include:

Payment of rent above Rs 40,000.
Payment of educational fee/donations above Rs 1 lakh per annum.
Electricity consumption above Rs 1 lakh per annum.
Domestic business class air travel/foreign travel.
Deposit above Rs 1 crore in current account.
Expenditure of Rs 2 lakh on foreign travel.
Payment to hotels above Rs 20,000.
Purchase of jewellery, white goods, painting, marble, etc. above Rs 1 lakh.
Deposit/credits in current account above Rs 50 lakh.
Deposit/credits in non-current account above Rs 25 lakh.
Payment of property tax above Rs 20,000 per annum.
Life insurance premium above Rs 50,000.
Health insurance premium above Rs 20,000.
Share transactions/D-MAT accounts/bank lockers.
TDS on cash withdrawal above Rs 1 crore (Rs 20 lakh for non-filers).
TCS on motor vehicle above Rs 10 lakh
TCS on foreign remittance under LRS above Rs 7.5 lakh/overseas tour packages.
TDS on ecommerce suppliers.
TCS on purchase of goods above Rs 50 lakh.
Sale of foreign exchange above Rs 10 lakh. more  

View all 8 comments Below 8 comments
Most of these will already be reported through indirectly. I believe if a person does not report he / she can be questioned. This probably is intended to increase tax compliance and to bring eligible persons in to the tax net. Very few people (a small percentage) pay taxes. more  
Subramanium Swamy has been advocating abolition of Income tax altogether.
I think govt should appoint an experts committee to examine the pros & cons of his proposal.
IT compliance is becoming more & more complex. more  
This is all done so that selected persons can be targeted . more  
I think this makes filing taxes more complex. I don’t know how many will comply. I am not sure why we need to report some of the items mentioned here. eg. Foreign and domestic travel or tour remittance. Do you think any of our politicians will report all these cumbersome items more  
As it is Govt mandates use of PAN every where. IF there is computerisation then these details should automatically be available and come prefilled in Form 26 AS / Saral to avoid inconvenience to tax payers. Govt should make the process efficient and simple rather than making it more cumbersome for tax payers.

Then Govt cribs that less than 2 crore people in India file IT returns more  
Post a Comment

Related Posts

    • Waive off Tax for the Covid-19 period!

      Covid-19 has affected almost all citizens and residents of India. People are jobless and businesses are either shut down or in a loss. People are unable pay their EMI's. Loan moratorium relief was ...

      By Suhail Sayed
    • Savings Must ?

      Senior people at loss as Bank FDs intrest less. Now any type of Mutual Funds ,Liquid Funds prone to Stamp Duty. Gains for LTCG. Dividends TDS! SCSS etc Long duration with reduced yields! Is Saving...

    • Newz 26 AS form

      CBDT has recently brought out the new form 26AS for ease of filing of Income Tax Returns(ITRs)by taxpayers.The new form is a faceless handholding of taxpayers,to help them with updated financial t...

      By Aditi Jain
    • Wrong TDS entry in Form 26 AS

      Need urgent advise from some one please - In my Form 26AS for assessment year 20-21, some entries of TDS has been shown under section 194C by some one with whom I never had any dealing. Moreov...

      By Brij Gupta

      LIC being a very big insurance company, why not they look into the possibility of making the changes in the existing policies, like change in address, name change, bank details etc. ONLINE. When on...

      By Hari Shenoy
    • Bank's refusal to honor agreed FD interest.

      Dear members, I am Sekar and new to In 2014 I booked some 5 years fixed deposits with a private bank, due to their higher interest rate promised to me. During matu...

      By Sekar Rg
    • DEAF Account

      It often happens that people don’t share even the basic financial details with their family members. In case of any untoward incident, the family members are left in the lurch as they are una...

      By Aditi Jain
    • Tax on dividend

      I fully agree with the circle member's claim to approach the FM/PM, requesting to remove the senior citizens from taxing 10% on the dividend received on the Mutual Funds. In fact the present level ...

      By Subramanian Sekaripuram Ananthakrishnan
    • Benefit of new tax regime for 13L+ salary earners

      Most of the salaried individuals with gross income of ₹13 lakh or more and non-salaried persons with income of ₹9.5 lakh or more will get to make tax savings if they sign up for the new lower incom...

      By Satvik Singh
    • NRI income in zero tax domiciles taxable in India

      NRIs living in zero tax domiciles like UAE (Dubai Sharjah & also Bahamas etc) will have to pay tax in India. And now all those who (partly) moved to Dubai recently to evade taxes are stuck.

      By Aditi Jain
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)