Taxman is getting more details of you then you are showing

If we look at the history of last few years, let say five years, we can see that the country India is getting almost aware with the idea of disclosing the informations to the taxman. And in the recent years, The ITR has also started asking more informations just to know and confirm your spending patterns and how different it is from your tax return profile.

On this, the partner of Deloitte Haskins and Sells Llp said- “Data protection law for individuals in our country is not like that in developed countries such as the US. Also, given that the Personal Data Protection Bill 2019 is under consideration, many people are worried and sceptical when it comes to divulging so much information,”

Even talking about the experts here, they are also equally worried about the security issues and the privacy issues.

Here, now you are required to provide more details like your spending patterns and be careful about what you are showing. Just in case if your spending bills are more than 2 lakh on any abroad travel or 1 lakh on your electricity bills of this current financial year, then you will have to furnish and include these details. Your ITR form will be notified by CBDT, stands for Central board of direct taxes for the upcoming year, 2020-21. so from now, you have to be careful with your spending patterns because it should match with what you are showing on your ITR.