Taxpayers will not have to be compelled to mention their high-value transactions within their tax come (ITR) and therefore the government isn’t considering any modification in the kind, in keeping with sources.
Any growth in reportage beneath the statement of monetary transactions (SFT) can mean that such reporting of high-value transactions to the tax department are going to be done by financial establishments, the sources aforementioned.
“There is no such proposal to modify income tax returns forms,” the sources aforementioned. “The taxpayer would not need to mention his/her high value transactions in his/her return. “They said collecting reports of high-value transactions was the most non-intrusive way to identify those who spend big money on various items and yet they do not file income tax returns by claiming that their income was less than Rs 2.5 large integer each year.
These things embrace business category traveling, foreign travel, defrayal big bucks in costly hotels or causation kids to expensive colleges.
Finance Ministry sources aforementioned the Income-tax Act already provided for quoting of PAN/Aadhaar for sure high-value transactions and their reportage by the third parties principally for the aim of widening the assets.