Prime Minister Narendra Modi launched the ‘Transparent Taxation – Honoring the Honest’ platform on Thursday, and said that these the ongoing reforms aim at making the tax system seamless, painless, faceless.
On the launch of this platform, the Finance Ministry proposed some new measures to ensure better compliance and transparency by expanding the scope of reporting of the following transactions-
- Fees paid and donations are given for educational purposes above Rs.1 lakh in a year.
- Electricity bill costing more than Rs.1 lakh in a year.
- Domestic business class air travel or foreign travel.
- Hotel bills above Rs.20,000.
- Deposits or credits in the current account above Rs.50 lakhs.
- Deposits or credits in the non-current account above Rs.25 lakhs.
- Property Taxes paid above Rs.20,000 per annum.
- The Life insurance premium paid above Rs.50,000.
- The Health Insurance premium paid above Rs.20,000.
- All the share transactions, Demat account and bank lockers.
- Purchase of jewellery, white goods, paintings, marble worth above Rs.1 lakh.
A proposal was also made by the government regarding a higher rate of TDS deduction for the people who do not file income tax returns (ITR), and ITR filing is going to be made compulsory for those who have bank transactions above Rs.30 lakhs and for all the professionals and businesses having turnover of more than Rs.50 lakh and payment of rent above Rs.40,000.
The Prime Minister said that it can not be denied that only 1.5 Crore people pay the taxes in a country of 130 Crores. Modi urged people to introspect themselves and come forward to pay the taxes due.
With Warm Regards,
CL Bureau.
