The 4 transactions will be
mandated to file ITR..!
The amendment will take affect from
April 1, 2020. Individuals carrying the following transactions will be mandated
to file ITR:
1.
Payments towards electricity
consumption bill of more than Rs 1 lakh per year.
2.
Making deposits of an amount or an
aggregate of the amounts exceeding Rs 1 crore in one or more current account
3.
Expenditure on travel to a foreign
country for self or others for an amount exceeding Rs 2 lakh
4.
For claims on the rollover benefit
of exemption from capital gains tax on investment in specified assets like
houses, bonds, etc., if prior to the claim of the rollover benefits, total
income is more than the maximum amount not chargeable to tax
Assessees
should discharge their constitutional duty responsibly and morally by reporting
all their income.
Failing to do so may attract notice or penalty from the tax
department.
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