Budget 2019: Stress on efforts to increase tax filers, make tax filing easier
New Delhi, July 5 -- Over the last few years, there is a vast increase in the number of tax filers. To increase the number further, finance minister Nirmala Sitharaman made proposals to make it mandatory to file income tax return (ITR) for individuals who have done certain expenditures during the year. This include, deposit made in current account exceeding Rs.1 crore in a year, foreign travel for self or others exceeding Rs.2 lakh, electricity expense of more than Rs.1 lakh. Apart from that, to claim exemption under section under section 54 and 54F (reinvestment of long-term capital gains from property transaction for purchase or construction of a residential house), where income before exemption is more than minimum exemption limit, one should file ITR....
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