Taxpayers don't need to mention high-value transactions in ITR form: Report

Government is not considering any modification in the ITR form

Taxpayers will not have to mention their high-value transactions in their income tax return (ITR) and the government is not considering any modification in the form, according to sources.

Any expansion in reporting under the statement of financial transactions (SFT) will mean that such reporting of high-value transactions to the income tax department will be done by financial institutions, the sources said.

"There is no such proposal to modify income tax returns forms," the sources said. "The taxpayer would not need to mention his/her high value transactions in his/her return."

They said collecting reports of high-value transactions was the most non-intrusive