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

    • Unfair practice by IT Deptt,

      I had filed my income tax return for the assessment year 2021-22 under section 139(1) i.e., filed on or before the due date, and claimed the refund of Rs. 5000 plus. The same was acknowledged by th...

      By Indu Bhushan Bhargava
      /
    • Income Tax Refund Delay

      I am a senior citizen and filed my return on the 18th Oct but till date (23rd Dec) I have not recd my refund. I have called their Helpline no also many times. They say they will lodge my complaint ...

      By Neeru Sood
      /
    • Senior Citizens retirement plans going for a toss

      For bank fixed deposits in India: 2016: 9.3% interest 2019: 8% interest 2021: 5.5% interest Senior citizens retirement plans must be under water unless they did enough ...

      By Aditi Jain
      /
    • New Income Tax Portal System

      God news. A lot of time has been vested. In the Court, it may be advised that any future such new thing must be tested in all respect and by all stakeholders, before the due date I.e. 31/03 in this...

      By Hasmukh Sangani
      /
    • Why income details must be given to broker

      Always wondered, why does an investor have to fill in income details with the broker? I buy shares if I have money. I do not need to have an income. And PAN number is a must. So why do you add this...

      By Aditi Jain
      /
    • Bad news for small savers

      There won't be any cut in interest rate of Small savings schemes . Yesterday's decision to lower the interest rate is REVERSED

      By Jayanti Natarajan
      /
    • Bad news for small savers

      Rates on small savings schemes reduced by 50-90 basis points. PPF in April-June quarter to earn you only 6.4% interest against 7.1% earlier. Senior Citizens Savings Scheme to earn on 6.5% now compa...

      By Vikram Gupta
      /
    • Secured earning for Senior Citizens

      I raised this point on earlier occasions also. No relief seen in any budget. I made a suggestion as follows: There are some schemes exclusively for the benefit of Senior Citizens like Se...

      By SN Sitaram
      /
    • Rounding off the amount in Bills

      Request guidance as to which is the appropriate circle & authority to whom i can complain regarding the below mentioned issue: Lately with many of my relatives and friends staying in Gurga...

      By Manas Hazarika
      /
    • Great news for seniors

      Senior Citizens (above 75 years) who get pension and interest income only are exempted from filing returns

      By Azam Yusuf
      /
    • The Govt salutes honest and compliant tax payers

      Recently our CBDT isued a press release saying it cannot punish compliant and honest tax payer by extending various due dates for the assessee who are dishonest, lazy and non compliant and our secu...

      By SUBHASH PARAKH
      /
Share
Enter your email and 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

All My Circles
Invite to
(Maximum 500 email ids allowed.)