The Business Standard has reported that the government is planning to insist on Aadhaar numbers for all those filing ncome tax (I-T) returns from the upcoming financial year.
The paper reports sources in the government as saying that “relevant amendments to the Income Tax Act, 1961, in this Budget are under ‘active discussion’ to ensure mandatory linkage of tax returns to Aadhaar numbers”.
The report comes on the back of other measures to increase vigilance on the flow of money from and to accounts.
The government has now asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills.
Banks have also been asked to report deposits over Rs 10 lakh a year to the I-T department. In a January 17 notification, the Central Board of Direct Taxes (CBDT) had made it mandatory for a banking company or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
Cash payments of Rs 1 lakh or more will also be reported Payments of an amount aggregating to Rs 1 lakh or more in cash, along with payments of Rs 10 lakh or more made by any mode (including cheque or wire transfer), towards settling credit card dues in a year will also have to reported.
FOREX aggregating to Rs 10 lakh or more will also be reported Purchase of foreign exchange, including travellers cheque and forex card, aggregating to Rs 10 lakh or more will also need to be reported.
Property sales for over Rs 30 lakh needs to be reported to taxmen too Moreover, the Property Registrar will have to report sale or purchase by any person of immovable property for an amount of Rs 30 lakh or more to tax authorities, the notification said.
[Copyright by Sify Finance]