If the Hotel bill of more than 20,000 rupees, insurance premium of 50 thousand paid, then IT can keep eye on you. The Income Tax Department plans to expand the list of eligible financial transactions. Now if you have a hotel bill of more than 20,000 rupees, an insurance premium of 50 thousand, then you can get the eye of the Income Tax Department. With this, the government has announced the implementation of taxpayer charter, taking important steps towards tax reforms.
In this list, the Income Tax Department has paid more than Rs 20,000 hotel, more than Rs 50,000 life insurance premium payment, donation, and payment of more than Rs 1 lakh in school/college fees travel abroad, white good purchases, domestic business class Air travel, buying jewelry and paintings worth more than Rs 1 lakh, health insurance premium payment over Rs 20,000 and bank locker will also be included in the list of Statements of Financial Transactions (SFT).
This means that if you now pay the insurance premium or hotel bill of more than 20 thousand rupees or spend more than 50,000 rupees on life insurance or pay the school fees of more than 1 lakh rupees. The government will have to give information about the transactions in these items.
The new proposal was released on the day Prime Minister Narendra Modi launched a platform called ‘Transparent Taxation – Honor of Honest’ for honest taxpayers.
A tweet issued by MyGovIndia stated that these measures have been proposed to broaden the tax base, ensure better compliance and transparency. “These are the proposed measures, not yet implemented,” said an official.
According to the proposal, now if you pay any property tax, buy white goods or pay a medical or life insurance premium and hotel bill, the biller will have to tell the government about it and all your expenses will be recorded in Form 26AS.
Some of these things were announced earlier in the Union Budget or they were being monitored through income tax returns. But now its formal implementation has been announced. In the current situation, more than Rs. 30 lakhs have been purchased, investment of Rs. 10 lakhs has been made in shares, transactions of more than Rs. 10 lakhs have to be reported through mutual funds, demat, credit cards and fixed deposits.