The income tax bill does not contain a provision corresponding to the seventh proviso of the Income Tax Act. This provision defines the circumstances under which an ITR must be filed, such as foreign travel, turnover or gross receipt exceeding the threshold limit, etc, even if an individual’s annual income is below the basic income exemption limit.
The Central Board of Direct Taxes (CBDT) has been given the power to specify the conditions upon which the return filing will become mandatory. Also, CBDT can seek the details of the credit card held by the assessee, expenditures exceeding the threshold, outgoings, particulars of the principal place of business, etc.
