More than 20,000 hotel bills, health insurance information will be provided by financial institutions to IT

(PTI) New Delhi, Ta. Monday, August 17, 2020

Income tax returns (ITRs) do not require taxpayers to show high value transactions (high value financial transactions), sources said. Disclosure of financial statements including payment of hotel bill of more than Rs. 20,000, payment of life insurance premium of more than Rs. 50,000, payment of health insurance premium of more than Rs. 20,000, donation of more than Rs. 1 lakh, payment of school or college fees of more than Rs. He said that there is no plan to make any such change in the form of income tax return.

According to sources, the extension of reporting of Statement of Financial Transactions (SFT) means that financial institutions will report high value transactions to the IT department. According to the Income Tax Act, only a third party can report a high value transaction to the income tax department.

This type of information is used to identify tax evaders and is not used to verify honest taxpayers. He said there are currently no plans to change the ITR form. The taxpayer is not required to show a high value transaction in the ITR. This is just to find people who spend a lot of money on hotel bills but do not file income tax returns.

Several challenges to faceless tax assessment

New delhi date. 17

There are a number of challenges to faceless tax assessment, which was initiated following the recommendation of Prime Minister Narendra Modi. The faceless assessment of the first batch of cases last year has not been completed so far. According to sources, the implementation of the scheme is being delayed without full preparation.

Recently, Finance Minister Nirmala Sitaram said that faceless tax assessment would reduce the burden on taxpayers and make the tax system of the income tax department more reliable. No employee or official of the Income Tax Department will come in direct contact with the taxpayer in this entire system.