Now report these in income tax
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
I think govt should appoint an experts committee to examine the pros & cons of his proposal.
IT compliance is becoming more & more complex. more
Then Govt cribs that less than 2 crore people in India file IT returns more