IT Return filing made compulsory if ₹ 2 lakh spend on foreign travel, deposit ₹ 1 cr in account

July 5: Budget 2019 proposes to make income tax return filing mandatory for certain persons even if their income is below the taxable limit. These include those: depositing of Rs 1 crore plus in current accounts, spending Rs 2 lakh plus on foreign travel; incurs electricity bills of Rs 1 lakh or more and claiming capital gains tax exemption on investment in house etc if before exemption income is above maximum chargeable to tax.

• has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current account maintained with a banking company or a co-operative bank; or
• has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or
• has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or
• fulfils such other prescribed conditions, as may be prescribed. Further, currently, a person claiming rollover benefit of exemption from capital gains tax on investment in specified assets like house, bonds etc., is not required to furnish a return of income, if after claim of such rollover benefits, his total income is not more than the maximum amount not  ..
  These changes will apply from the current financial year onwards once the budget proposals are passed by Parliament.