Sources in the Finance Ministry have said that a list of transactions of high value products will be made and these goods will be kept under the tax net. So that the tax department can identify those people who buy expensive goods but avoid filing income tax returns.
new Delhi. Sources in the Finance Ministry have said that a list of transactions for high value products will be made. These goods will be kept under the tax net. So that the tax department can identify those people who buy expensive goods but avoid filing income tax returns. A person who has bought luxury items or has spent a large amount for a hotel bill is a potential taxpayer and should file his income tax return. However, he clarified that such transactions will not be reported to taxpayers, but will be reported to third-party IT department.
These things will be included
These transactions include purchase of white goods, jewelery, painting above Rs 1 lakh, payment of educational fee / donation of more than Rs 1 lakh per year, payment to hotels above Rs 20000, life above Rs 50000. Insurance premium payment and electricity consumption above Rs 1 lakh per year is included. These transactions will be part of the specified financial transaction and will be reflected in the taxpayer’s Form 26A.
Sources said that it was necessary that the IT department has a comprehensive SFT report on those who conduct high value transactions but still do not pay income tax. For example, a person who is paying school fees or a donation of Rs 5 lakh per year and still does not file income tax returns claiming that his income is not taxable, the person is actually income tax Trying to dodge the system. Similarly, a person who has bought luxury goods or has spent a large amount on hotel bills, is a potential taxpayer and should file his income tax return.
Let us tell you that at the beginning of this year, the government made it mandatory to file an income tax return for those who pay electricity bills of more than Rs 1 lakh in the first year and those who spend more than Rs 2 lakh in foreign travel. is.