*Taxman Is Watching Your High Value Transactions*
Hotel bills above Rs 20,000,
Education fee over Rs 1 lakh, and
Purchase of jewellery and white goods valued above Rs 1 lakh may come under the Income Tax department’s scanner, according to proposed measures to widen the tax base.
High-value transactions at present are required to be filed in ‘Statement of Financial Transactions’.
The government is now proposing to expand the scope of reporting high value transactions in a push to improve compliance and transparency.
It’s also proposed that a person making bank transactions above Rs 30 lakh should mandatorily file an income tax returns.