Proposed Additions to your Tax Passbook (Form 26AS)

Published : 29 Aug 21, 00:00

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