Tag: tax returns
Hotel bills above Rs 20,000 and Business Class air travel to come under tax scanner
Prime Minister Narendra Modi while launching the ‘Transparent Taxation’ platform has announced multiple reforms to improve tax compliance, faceless assessment and ease of filing returns. As part of the overhaul, the government has also proposed to reduce the threshold of various transactions for tax disclosure. This is aimed at widening the income tax base and checking tax evasion, Moneycontrol has reported. The list will now include white good purchases, property tax payment, medical and life insurance premium and even hotel payments. So, the next time you pay a hotel bill or medical insurance premium of more than Rs 20,000, incur ... Read more