Proposed Additions to your Tax Passbook (Form 26AS)

The Narendra Modi Government recently announced a landmark shift in the Income Tax administration, to make it simple, painless and transparent. As part of the rehaul, certain measures have been proposed for widening the tax base and ensuring better compliance and transparency.

Now, engaging in the below mentioned transactions in excess of the specified threshold could get you under the Income Tax scanner, as these would get captured in your Form 26AS: 

                                          Nature of Transaction 
                                Threshold limit (in INR)
Payment of educational fee / donations  , Electricity consumption , Purchase of jewellery, white goods, painting, marble, etc
                 100,000 p.a.
Domestic business class air travel / foreign travel 
                   N.A
Payment to hotels 
                  20,000 
Deposits / credits in current account
                   50 lakh
Deposits / credits in non-current account 
                    25 lakh
Payment of property tax  
                    20,000 p.a.
Life insurance premium 
                    50,000
Health insurance premium
                     25,000
Share Transactions / D-MAT accounts / Bank Lockers
                       N.A
Disclaimer: The views / the analysis contained therein do not constitute a legal opinion and is not intended to be an advice. Readers of this document are advised to seek their own professional advice before taking any course of action or decision, based on this document.

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