Friday, 20th April, 2018

Consuming more than 5 kg of tomatoes per month, you need to declare it in your IT return

31, Jul 2014 By dasu

Recently one of the senior most MP of BJP mentioned tomatoes are for rich people after the price reached 80 rupees per kg. To check the hoarding  and control the price of the vegetable, finance ministry has directed the IT department to come up with a new ITR (sahaj) form. In this modified form, a new column has been added where you need to mention if you are buying more than 5 kg per month.

Quite costly!

Argument from government is simple, with such sky high inflation if people are able to buy tomatoes at this exorbitant price, then there is a good chance people have black money and they are underpaying the income tax they are supposed to pay.

Vegetable vendors are also not buying tomatoes in large quantity from their local sabzi mandi. As per them, tomatoes are perishable items which does not last more than three days. If no one buys them, at the end they have to eat and then file income tax return for this.

Flipkart & Snapdeal see big potential for this business and they are encouraging people to buy the good looking vegetable from their website. As per the new income tax order, while buying through App or directly from websites, one need to mention his/her pan number.