Your Expenditure Information That Income Tax Will Have

From now on-wards , the information Income tax offices will capture the below data from different sources through SFT :-

1 Education fees paid more than INR 1.00L per annum.

2 Power Bill paid more than INR 1.00L per annum.

3 Property Tax paid more than INR 20,000/- per annum.

4 Payment to hotel more than INR 20,000/-.

5 Purchase of goods such as TV, Refrigerator, phones more than INR 1.00L Value. Also included are Jewellery, watches, marble, granite, tiles etc. etc. (detailed list will be announced soon).

6 Health insurance premium paid more than INR 20,000/- per annum.

7 Insurance premium paid more than INR 50,000/- per annum.

8 Domestic Business class travel and Foreign Travel.

9 Lockers details in the Bank.

10 INR 25.00L deposit in savings account.

11 INR 50.00L deposit in current Account.

12 Total of INR 30.00L transactions in bank account.

13 All shares purchases and sales including DMAT transactions.

14 If Rent paid is more than INR 40,000/-pm.(Also Filing of Income Tax Return is now mandatory in such cases)

Above list is in addition to the existing ones like :-

 Existing high value transactions in like credit card, savings, bonds, current account, foreign exchange, insurance etc.

 TDS on Forex buys, Rent above INR 50,000 pm, TDS on interiors/contract works and TDS on purchases of goods above 50L.

 E-commerce platform TDS/ TCS IT and GST.