ITR Form: High value transactions include expensive air travel, traveling abroad, spending money in expensive hotel and sending children to expensive school.
Income Tax Return: Taxpayers will not have to give details of high value transactions in their Income Tax Return (ITR) and the government is not considering any amendment in the ITR form. Sources said that the expansion of any information under the statement of financial transactions (SFT) would mean that income tax would be informed by such financial institutions by such high value transactions. Sources told PTI that, “There is no proposal to revise the income tax return form.”
He says that there are mostly cases of high value transactions in which large amount of goods are purchased but the buyer does not file ITR as he shows his annual income less than 2.5 lakhs per annum. These high value transactions include expensive air trips, foreign travel, spending money in expensive hotels and sending children to expensive schools.
According to Finance Ministry sources, according to the Income Tax Act, it has been made mandatory to provide PAN or Aadhaar information in every major transaction beforehand. Also, the third party is required to give this information to the Income Tax Department. In such a situation, taking information from taxpayers is not the right idea.