14/08/2020
Income Tax Form 26AS: Hotel bills of over Rs 20,000 will now reflect in your ITR;
So, the next time you pay a hotel bill or medical insurance premium of more than Rs 20,000, incur an expenditure of amount exceeding Rs 50,000 on life insurance or more than Rs 1 lakh for school fee, purchase white goods, jewellery, marble or paintings (see table), be mindful that the entity you have made the payment to will be informing the government of your transaction.
Even payments made to the government such as property tax and electricity bills would be reported if they exceed Rs 20,000 and Rs 1 lakh, respectively. Business-class airline travel, whether domestic or foreign, would be reported, as per communication from the Ministry of Finance. These would be reflected in an individual's tax account statement called Form 26 AS.
