« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  Indirect tax mop-up rises 23% in Q1... Easy times ahead of large tax-payers... » No further queries from taxman August, 10th 2006 Further scrutiny by the taxman is on hold. Reeling under data overload on high-value transactions, the finance ministry has decided against additions to the list of items requiring annual information return filings for the time being. We want the system to stabilise before we burden officials with more information, said a finance ministry official. In the budget, FM P Chidambaram had said government will amend items for which AIR has to be filed. A committee set up by the revenue department recommended including items like the purchase of cars worth over Rs 5 lakh. But with the sale of B-segment cars on the rise, the department would have been flooded with more information. In fact, the revenue department is contemplating changes to the existing list itself, by seeking to drop information on low value purchase of mutual funds, deposits and credit card transactions. The information overdose has also meant that the department is not looking to expand the coverage of PAN to other transactions. AIR, which was to be submitted from last year, requires credit card companies to submit information on cardholders who spend over Rs 2 lakh in a year. Similarly, mutual fund purchases of Rs 2 lakh have to be reported to the government, while the names of those who purchase property worth over Rs 30 lakh have to be submitted to the revenue department. Those depositing over Rs 10 lakh cash in banks annually or investing over Rs 5 lakh in RBI bonds too face scrutiny.