Foreign visits likely to come under AIR net

Foreign travels could come under closer watch of the income-tax department from the next fiscal year. 
 
The finance ministry is considering a proposal for inclusion of overseas travel costs of more than Rs 50,000 at a time under the ambit of annual information returns. It is also mulling inclusion of more than Rs 1 lakh cash deposits in post office savings. 
 
AIR is a system for capturing high-value transactions from “third party” sources such as banks, credit card companies and registrars of property. 

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