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Union Budget 2019 Proposes Mandatory Tax Filing For High Value Transactions

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To expand tax base in the country, Nirmala Sitharaman proposes mandatory filing of tax return in some of the below specified cases even if the individual's income falls below the taxable limit. The changes will become applicable from the ongoing financial year after the proposals made in the Union Budget 2019 are passed by the Parliament.

ITR Tax Filing To Be Mandatory For High Value Transactions
 

Cases where mandatory ITR filing is proposed in Union Budget 2019-20

1. ITR filing is mandated where deposits of more than Rs. 1 crore is made in one or more current accounts i.e. maintained at a bank or a co-operative bank

2. Foreign travel spend comes to over Rs. 2 lakh for oneself or any other person

3. Electricity bill amounts to over Rs. 1 lakh

4. Further, currently, a person claiming rollover benefit of exemption from capital gains tax on investment in specified assets like house, bonds etc., is not required to furnish a return of income, if after claim of such rollover benefits, his total income is not more than the maximum amount not chargeable to tax .

Cases where ITR filing is mandated currently

In the current context, ITR filing is mandatory for individuals other than firm or a company in a case only when their total income is more than the maximum amount not chargeable to tax barring some of the exceptions. So, ITR filing is not compulsory for persons carrying out high-value transactions and to implement the same section 139 of the Act will be amended.

GoodReturns.in

Story first published: Friday, July 5, 2019, 17:10 [IST]
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