Filing an ITR 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.
Steps to report such disclosures on Quicko
- In the Filing tab, navigate to ADDITIONAL DETAILS from the side nav
- Click on Disclosure
- Click on the tick box for the disclosure applicable
- Enter the amount
- Click on Save
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.