New Delhi: The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of ₹5 lakh.
Those mandated to file returns include people spending more than ₹2 lakh on a foreign trip or depositing ₹1 crore in a year in a bank account or paying electricity bill of more than ₹1 lakh in a year.
“Currently, a person other than a company or a firm is required to furnish the return of income only if his total income exceeds the maximum amount not chargeable to tax, subject to certain exceptions. Therefore, a person entering into certain high-value transactions is not necessarily required to furnish his return of income,” the Budget documents said.
