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I-T dept plans active reporting of high value transactions for enhancing tax base
TIWN
TIWN
PHOTO : TIWN
New Delhi, Aug 14 (TIWN) The government may have eased tax compliance measures through its 'transparent taxation' initiative but it proposes an extensive drive to enhance the country's tax base by aggressively pursuing reporting of high value expenditure that qualifies persons to disclose their income and pay taxes.
Accordingly, if a person makes payment to hotels of over Rs 20,000, or pays life insurance premium over Rs 50,000 or purchases white goods, jewellery, marble or paintings, or consumes electricity above Rs 1 lakh per annum, all the expenses would be reported to the income tax department by the entity receiving the payment.
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