Any “purported extension” of current list of SFTs will not impact the honest taxpayers as they are not required to file details of high value transactions in ITRs, an official said.
Updated: Aug 17, 2020 00:04 IST
There is no proposal to modify income tax returns forms, a finance ministry official said. (Representative Image )
The government plans to deploy artificial intelligence (AI) to nab people who make high value transactions but don’t pay taxes, but these details will be collected from third party and taxpayers wouldn’t be required to provide expenditure details in income-tax returns, a finance ministry official said. “There is no such proposal to modify income tax returns forms,” the official said ruling out any requirement to file high value financial transactions in ITRs. Another government official said the scope of such high-value financial transactions could be enlarged to include hotel bills, purchase of health insurance and payment of school fees beyond certain financial limit to find evaders. Any “purported extension” of current list of SFTs will not impact the honest taxpayers as they are not required to file details of high value transactions in ITRs, the first official said. He cited the example of a person paying school fee, including Rs5 lakh per annum donation but does not file ITR.
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