TAX FILE The 4 transactions will be mandated to file ITR..! - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Tuesday, July 16, 2019

TAX FILE The 4 transactions will be mandated to file ITR..!


 The 4 transactions will be mandated to file ITR..!

The amendment will take affect from April 1, 2020. Individuals carrying the following transactions will be mandated to file ITR:

1.    Payments towards electricity consumption bill of more than Rs 1 lakh per year.
 
2.    Making deposits of an amount or an aggregate of the amounts exceeding Rs 1 crore in one or more current account
 
3.    Expenditure on travel to a foreign country for self or others for an amount exceeding Rs 2 lakh
 
4.    For claims on the rollover benefit of exemption from capital gains tax on investment in specified assets like houses, bonds, etc., if prior to the claim of the rollover benefits, total income is more than the maximum amount not chargeable to tax

Assessees should discharge their constitutional duty responsibly and morally by reporting all their income. 

Failing to do so may attract notice or penalty from the tax department.

TAX FILE The 4 transactions will be mandated to file ITR..! Reviewed by Investment Guru on July 16, 2019 Rating: 5  The 4 transactions will be mandated to file ITR..! The amendment will take affect from April 1, 2020. Individuals carrying the follow...

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