As per a recent update, officials made it clear that taxpayers will not have to mention or provide details of High-value transactions in their Income Tax Return (ITR). One of the officials associated with the case makes this decision/ change public. He also informed us that the government is not in a mood to do changes in the ITR forms The income tax department has declared that ITR 1, 2, 3, 4, 5, 6 & 7 for AY 2019-20 is now available for e-Filing and soon other ITRs will also be available for the same. Lets us have a deeper into Income Tax Return ITR Form. Read More.
However, the officials said that when the government is going to incorporate faceless assessment then it is clear that the Income-tax Department will be informed of such high-level transactions by the financial institutions.
A Financial Ministry Official stated that “There is no proposal to revise the income tax return form,” It comes in the response to some reports that it was necessary to provide information under the Statement of Financial Transactions (SFT) Expansion plans.
In this, the income tax department will have to provide details of such high-value transactions, not the taxpayers. The officials stated that “The taxpayer will not be required to give details of high-value transactions in his income tax return 
They also clarified that only the third parties (banks, financial institutions, etc.) are required to provide the details of such transactions to the department as stated in the income tax law. This information will be utilized to find out who is not giving the correct tax. Meanwhile, it will not affect the honest taxpayers.
The official also stated that the department will utilize data analytics and artificial intelligence in it, which will help to find out those people who travel in business class, stay in expensive hotels, send children to expensive schools, but do not pay taxes ethically.
This matter came into limelight last week when the Prime Minister talked about this issue. He also added that there are only 1.5 crore taxpayers in India and it is very less in the population of 130 crores. He added that “Those who are able to give tax but are not yet in the tax system should come forward and pay the tax and contribute to the creation of the country.”
