Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens
Did you spend over Rs 20,000 on a hotel stay or took a domestic business class fight? You could well come under the income tax scanner as the government plans to widen the list of reportable financial transactions to plug tax evasion and widen the tax base.
The government proposes to include payments over Rs 50,000 on life insurance, health insurance premium payment over Rs 20,000, foreign travel and donations and payment of school/ college fees over Rs 100,000 a year in the list of Statement of Financial Transactions (SFT). Other transactions proposed to be included are purchase of white goods, jewellery and paintings over Rs 100,000 and demat accounts and bank lockers