Furnishing of Income Tax Return is mandatory for a person who is otherwise not required to furnish the return if the person has undertaken the following high-value transactions during the financial year:
- The aggregate of deposits in current account/accounts exceeding INR 1 crore: In case deposited amount or aggregate of the amounts deposited into one or more current accounts maintained by the person with banks or co-operative banks is INR 1 crore or more, that person is required to furnish the return under 7th Proviso to Section 139 (1) of the Income Tax Act, 1961. Deposits in any mode such as cash, cheque or online transfer, etc are covered.
- The aggregate of expenditures on foreign travel exceeding INR 2 lakhs: In case a person incurs expenditure aggregating to INR 2 lakhs and more on foreign tours and travels, the income tax return needs to be filed under the 7th Provison to Section 139 (1) of the Income Tax Act, 1961. Expenditure incurred for traveling to a foreign country can be for your own travel or for any other person.
- The aggregate of expenditure towards consumption of electricity exceeding INR 1 lakh: In case a person incurs expenditure aggregating to INR 1 lakh and more towards consumption of electricity, the income tax return needs to be filed under 7th Proviso to Section 139 (1) of the Income Tax Act, 1961. However, it covers only the consumption expenditure where electricity is consumed by the person concerned.
- 7th Proviso to Section 139 (1) of the Income Tax Act is also applicable for any other high-value transactions or conditions prescribed by the Central Board of Direct Taxes.
Steps to report disclosures
- Login to Quicko
- Go to the Tax Filing App
- Navigate to Additional Details > Disclosure
- Click on the tick box for the disclosure applicable to you and add the input amount and click on save to report your disclosure