Taxontips
No Result
View All Result
Tuesday, June 6, 2023
Login/ Register
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

Hotel bill above Rs. 20,000 | Purchase of jewellery, white goods above Rs. 1 lakh will be reported | SFT scope increased

Income tax Expert by Income tax Expert
August 15, 2020
in Income Tax News
4
Hotel bill above Rs. 20,000 | Purchase of jewellery, white goods above Rs. 1 lakh will be reported | SFT scope increased
352
SHARES
4.4k
VIEWS
image_pdfPDFimage_printPrint

Recently, government has been taking various steps to make things more digital, transparent and inter connected. One step in that direction for changing Form 26AS from normal tax statement to Annual Information statement, sending Compliance notices to tax payers for various issues, discrepancies etc.

When the Form 26AS was updated to Annual Information statement various SFT transactions were included in it to increase the amount of information available in Form 26AS.

Now, while making the announcement about faceless scrutiny, faceless appeal and tax payer charter, our prime minister has increased the scope of Form 26AS/ Annual information statement although same was not mentioned in the speech but it was tweeted by Shri Anurag Thakur (Union minister of State for finance and corporate affairs) on his twitter page.

However, still the same has not been still added to rule 114E where other SFT transactions have been mentioned but soon shall be added and we must be ready for that. So let’s have a look at various transactions added to the list:

Type of Transaction Amount (more than)
Payment of education fees/ donation Rs. 1 lakh
Electricity consumption Rs. 1 lakh p.a.
Payment to hotels Rs. 20,000
Purchase of jewellery, white goods, painting, marble etc Rs. 1 lakh
Deposit/ credits in current a/c Rs. 50 lakh
Deposit/ credit in non current a/c Rs. 25 lakh
Payment of property tax Rs. 20,000 p.a.
Life insurance premium Rs. 50,000
Health insurance premium Rs. 20,000
Share transaction/ DMAT transaction/ Bank locker –

There might be confusion whether details mentioned above are for single transaction or transaction for whole year. It will depend on type of transaction and we also need to wait for Income tax department to include the same in rule 114E where we will get more clarification.

Also many people might think what is included in white goods?

In common parlance white goods mean large electrical goods used domestically such as refrigerators and washing machines, typically white in colour. Thus, this includes all major large electric goods used in house.

Further many people might be thinking that TCS shall be collected on above transaction but that’s not true, the above transactions are just for SFT purpose i.e. information purpose and it will not be chargeable for TCS as of now. SFT is different from TCS.

 

In addition to above the image published some other information other than SFT which relates to compulsory filing of return of income which is as under:

1. Person having bank transaction above Rs. 30 lakh.

2. Business/ Profession having turnover above Rs. 50 lakh.

3. Payment of rent above Rs. 40,000.

 

There are a few ambiguities in above condition:

1. Whether they shall be applicable from this Assessment year i.e. 2020-21. Since this have been announced now we think this shall be applicable from next Assessment year i.e. A.Y. 2021-22.

2. Further it has not been clarified whether this rent is for personal house or commercial shop and it is to be assumed that it for per month.

3. Also, a business or profession having turnover of above 50 lakh and saying that they have incurred loss and are not liable to file return won’t be allowed as now one would be required to compulsory file return even if there is a loss if the turnover is above Rs. 50 lakh.

Let’s see when the above changes are incorporated in Income Tax Act.

image_pdfPDFimage_printPrint
Previous Post

ICSI makes representation before MCA for extension of various due dates under Companies Act, 2013

Next Post

Verify your earlier years defective Income tax return and remove the defect | One time relaxation till 30.09.2020

Related Posts

Income Tax Return
Income Tax News

ITR 2 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips

June 6, 2023
Last opportunity to file Income tax return for F.Y. 2018-19 | Belated return u/s 139(4) of the Income tax Act
Income Tax News

Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act

June 5, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Due date for filing SFT extended from 31.05.2023 for FY 2022-23?

June 1, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

E-appeal scheme, 2023 announced by CBDT, JCIT(A) will now hear appeal [Read notification]

May 31, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Limit of exempt income for leave encashment for non-govt employees increased to Rs. 25 lakh [Read notification]

May 30, 2023
ICAI has announced a new MBA programme for Diploma in Management and Business Finance
Income Tax News

ANNUAL FEE CIRCULAR 2023-24 by ICAI for it’s members

May 29, 2023
Next Post
Verify your earlier years defective Income tax return and remove the defect | One time relaxation till 30.09.2020

Verify your earlier years defective Income tax return and remove the defect | One time relaxation till 30.09.2020

Comments 4

  1. Avy says:
    3 years ago

    Hi,

    Is the hotel expenses above Rs.20000 p.a. or per stay?

    Reply
    • ADMIN says:
      3 years ago

      Per bill. How would a hotel know that you have paid Rs. 20000 in other hotels.

      Regards,
      Team Taxontips

      Reply
      • Avy says:
        3 years ago

        Not hotel. But IT Department would know the total.

        Also, when I book a trip from a tour company and the total amount is Rs.35,000 for 7 days, how is it going to split between hotel expenses, traveling, and other sight seeing and admin expenses?

        Reply
  2. Pingback: SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type - Taxontips

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • ITR 2 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips
  • Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act
  • ₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth
  • Due date for filing SFT extended from 31.05.2023 for FY 2022-23?
  • E-appeal scheme, 2023 announced by CBDT, JCIT(A) will now hear appeal [Read notification]

Recent Comments

  • Notification under PMLA by Ministry of Finance which could affect CA, CS and CMA - Taxontips on CA, CS and CMA now under PMLA. KYC of clients required
  • ITR 4 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips – Taxontips on Businessman with turnover below 1 crore and having profit below 8% need to compulsorily get books of accounts audited: Let’s find out
  • Can a person earning income from speculative business transaction file return u/s 44AD of Income tax act - Taxontips on How to calculate turnover in case of intra day and future and option trading for Income Tax purpose?
  • Extension of last date for updation of Member’s Profile with GSTIN at Self Service Portal – Till 23rd April, 2023 - Taxontips on Updation of Member’s Profile at Self Service Portal with GSTIN to get GST credit till 15.04.2023
  • Akshay Kadam on New error faced in the new Income tax e-filing portal related to log-in of an assessee | E-filing 2.0

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« May    
  • GSTR 9/ 9C extended : AGAIN

    GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning

    6456 shares
    Share 2582 Tweet 1614
  • How to pay Membership and COP fees of ICAI for 2020-21 |

    6344 shares
    Share 2538 Tweet 1586
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods

    5680 shares
    Share 2272 Tweet 1420
  • Are all the due dates of tax audit and Income tax return for FY 2019-20 extended to 31.03.2021 by the bill presented in Lok sabha Dt. 18.09.2020

    4771 shares
    Share 1908 Tweet 1193
  • SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type

    3991 shares
    Share 1596 Tweet 998

Recent Notification

Income Tax Return

ITR 2 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips

June 6, 2023
Last opportunity to file Income tax return for F.Y. 2018-19 | Belated return u/s 139(4) of the Income tax Act

Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act

June 5, 2023

RSS Taxontips

  • Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act
  • ₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth
  • Due date for filing SFT extended from 31.05.2023 for FY 2022-23?
  • E-appeal scheme, 2023 announced by CBDT, JCIT(A) will now hear appeal [Read notification]
  • Limit of exempt income for leave encashment for non-govt employees increased to Rs. 25 lakh [Read notification]
  • ANNUAL FEE CIRCULAR 2023-24 by ICAI for it’s members
  • Instructions for conducting scrutiny of returns for FY 2019-20 onwards under GST [Read instructions]
  • Extension in time limit for filing Form 10A, 10AB, 10BD, 10 etc. in relation to trust under Income tax act
  • GUIDELINES FOR SPECIAL ALL-INDIA DRIVE UNDER GST
  • Government issues guidelines to calculate net winning for section 194BA of the Act [Read circular]

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2023 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Q & A
  • Privacy Policy
  • Terms of use

© 2019-2023 Taxontips.com - Tax assistance at your Fingertips

Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!