Power bill over Rs 100,000? Now it’s must to file income-tax return

The government has notified new income-tax return forms for 2019-20, making it mandatory for high spenders to file ITR and allowing assesses to avail benefits of extended timelines in view of Covid-19.

People incurring large spending will not be able to escape paying taxes, with the government making filing mandatory in specific cases even in their income is below the taxable limit. With this, those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR.

Earlier, an individual was required to file a tax return only if the total income exceeded the minimum threshold.