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
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
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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
Aug 14
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
Aug 14
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
Aug 14
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
Aug 14
