Tax India (Accotax Business Solutions)

Purchasing Above ₹2 Lakh? PAN May Be Mandatory! Income Tax Department Tightens Monitoring on High-Value Transactions The Government of India and the Income Tax Department have increased scrutiny on high-value financial transactions. Purchases above ₹2 lakh in certain categories may now require mandatory PAN disclosure. Failure to provide correct information or improper reporting may increase the risk of Income Tax verification or scrutiny in the future. 📌 Transactions Where PAN May Be Required Gold & Jewellery Purchase Car Purchase Shares & Securities Investment Luxury Item Purchase High-Value Financial Transactions ⚠️ Why Has Monitoring Increased? The Income Tax Department is now: Tracking high-value transactions ...

HRA Update – Disclosure of Relationship with Landlord 📌 Introduction: House Rent Allowance (HRA) is a tax benefit given to salaried employees who live in rented houses. Earlier, taxpayers were not required to disclose their relationship with the landlord while claiming HRA. However, recent updates have introduced stricter rules to improve transparency and prevent misuse. 📊 Details: Now, taxpayers must disclose their relationship with the landlord while claiming HRA This applies mainly when rent exceeds ₹1 lakh per year and PAN of landlord is required Government is focusing on tracking fake rent payments made to relatives Cases like paying rent to parents without actual transfer or creating fake receipts are under scrutiny Proper documentation like rent agreement, receipts, and bank transfer proof is now very important ⚖️ Important Rules / Law: Relationship disclosure with landlord is now mandatory in updated report...

📢 Bank Account Reporting in ITR FY 2025-26 Important Update: All taxpayers must report their bank account details while filing Income Tax Return (ITR). 📌 Introduction While filing Income Tax Return (ITR), taxpayers are required to provide details of their bank accounts. This helps the Income Tax Department verify financial transactions and ensures correct reporting of income. Missing this information may lead to notices or defective return issues. 📊 Details All active bank accounts (Savings, Current, Salary, Joint accounts) must be reported. Closing balance as on 31st March may be required in certain ITR forms. Keep bank statements from 1st April to 31st March ready for accurate filing. ⚖️ Important Rules / Law Bank account reporting is mandatory as per ITR instructions issued by the Income Tax Department. Under Section 139 of Income Tax Act, filing complete and correct return is compulsory. Non-disclosure may result in defective return, scrutiny not...