How the expanded SFT list will lead to greater scrutiny of taxpayers
As part of the proposed expansion of reportable transactions under SFT, the following transactions would be under scanner:
1. Payment of educational fee/ donations above Rs1lakh per annum
2. Payment to hotels above Rs 20,000
3. Purchase of jewellery, white goods, marbles, paintings, etc above Rs1lakh
4. Life insurance premium over Rs50,000
5. Payment of property tax above Rs20,000 per annum
6. Electricity consumption above Rs1lakh per annum
7. Health insurance premium above Rs20,000
8. Deposits/credits in current account above Rs50lakh
9. Deposits/credits in non-current account above Rs25lakh
10. Domestic business class air travel/foreign travel
11. Share transactions/demat accounts/bank lockers
The government also proposes compulsory filing of returns by a person having bank transactions over Rs 30lakh, payment of rent over Rs 40,000 and all professionals and businesses having turnover over Rs 50lakh. more
1. Payment of educational fee/ donations above Rs1lakh per annum
2. Payment to hotels above Rs 20,000
3. Purchase of jewellery, white goods, marbles, paintings, etc above Rs1lakh
4. Life insurance premium over Rs50,000
5. Payment of property tax above Rs20,000 per annum
6. Electricity consumption above Rs1lakh per annum
7. Health insurance premium above Rs20,000
8. Deposits/credits in current account above Rs50lakh
9. Deposits/credits in non-current account above Rs25lakh
10. Domestic business class air travel/foreign travel
11. Share transactions/demat accounts/bank lockers
The government also proposes compulsory filing of returns by a person having bank transactions over Rs 30lakh, payment of rent over Rs 40,000 and all professionals and businesses having turnover over Rs 50lakh. more
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Could you please what is SFT and how would effect the Sr. Citizen if any. more
Aug 15
Statement of Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was earlier known as 'Annual Information Return (AIR)' more
Aug 15
Statement of financial transactions. I don't think it will be the same for all Assesses. more
Aug 15
Educational fees above Rs 1.00 lakh, property tax above Rs 20000, health insurance above Rs 20000 are now a days very common. more
Aug 15
