New Delhi, Business Desk. Prime Minister Narendra Modi gave a new gift to honest taxpayers on Thursday. A new system of tax system has been introduced for people who pay their taxes honestly, now under which they will be faceless assessed. The government announced the implementation of the Taxpayer Charter, taking important steps towards tax reforms. In addition, to prevent tax evasion, the government will increase the scope of items already shown in Form 26AS.
Now this list will also include payment of property tax, payment of white good purchases, Mendical and Life Insurance premium and payment of hotel bills and will also reduce their threshold limit. Now if you pay any property tax, buy white good or pay medical or life insurance premium and hotel bill, the biller will have to tell the government about it and all your expenses will be recorded in Form 26AS.
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This means that from the next time on paying insurance premium or hotel bill of more than 20 thousand rupees or spending more than Rs 50,000 on life insurance or paying school fees of more than 1 lakh rupees, you have to pay. He will have to inform the government about the transactions in these items. It is not that if you have purchased any white good, jewelry, marble or painting, then the government will also have to give information about this transaction. Information of business class air travel, both domestic and foreign, will also go to the government. If more than 20000 and 1 lakh rupees, the information of payment of property tax and electricity bill will also be sent to the government.
