WHEN TAX FILING BECOMES MANDATORY
■ If the taxpayer has paid electricity bill of ~1 lakh or more
■ Spent ~2 lakh or more on foreign travel
■ Deposited more than ~1 crore in bank current accounts
■ If certain transactions of the taxpayer get reported under the annual information statement (AIS)
■ Certain persons, authorities, regulators, and financial institutions are obliged to report transactions above a specified limit, as notified by the government, through the AIS
■ These transactions include purchase of jewellery, bullion, shares, cash deposit, credit card payments, etc