Filing Income Tax Return is mandatory for a person who is otherwise not required to file the return if the person has undertaken the following high-value transactions during the financial year:
- The aggregate of deposits in current account/accounts exceeding INR 1 crore:
- Deposits in any mode such as cash, cheque or online transfer, etc. are covered
- The aggregate of expenditures on foreign travel exceeding INR 2 lakhs:
- Expenditure incurred for traveling to a foreign country can be for your own travel or for any other person
- The aggregate expenditure towards consumption of electricity exceeding INR 1 lakh:
- It covers only the consumption expenditure where electricity is consumed by the person concerned.
To report such disclosures
The 7th provision to section 139 (1) of the Income Tax Act is also applicable for any other high-value transactions or conditions prescribed by the Central Board of Direct Taxes.