An inidvidual should file ‘Statement of Financial Transactions’ for High-value transactions.
Income Tax Dept. keeps an eye on transactions such as:-
- Hotel bills above Rs 20,000
- Education fee over Rs 1 lakh
- Purchase of jewellery and white goods valued above Rs 1 lakh may come under the Income Tax department’s scanner
- Widen the tax base as per new proposals.
The government is now proposing to expand the scope of reporting high value transactions in a push to improve compliance and transparency.
A person making bank transactions above Rs 30 lakh should mandatorily file an income tax returns, as per the proposed new law.
