Payment of Insurance Premium, School Fees, Hotel Bills to Come Under IT-Scanner
GUWAHATI: To ostensibly widen the tax base, the Income-Tax Department of India plans to expand the list of reportable financial transactions.
As per the revised list, hotel payments over Rs 20,000, life insurance premium payment over Rs 50,000 and health insurance premium payment over Rs 20,000 will now come under the IT-scanner.
Besides these, donations and payment of school/ college fees over Rs 1 lakh a year, foreign travel, domestic business class air
travel, purchase of white goods, jewellery and paintings over Rs 1 lakh, demat accounts and even bank lockers are proposed to be included in the list of the Statement of Financial Transactions (SFT).
The new proposal was revealed on a day Prime Minister Narendra Modi announced measures aimed at easing compliance and rewarding honest taxpayers.
Launching the ‘Transparent Taxation — Honouring the Honest’ platform which promises ‘faceless’ assessments and appeals, he said the tax administration would attempt to be “seamless, painless and faceless”.
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