Do you know Statement Of Financial Transactions?
Statement Of Financial Transactions (SFT) is a report of specified financial transactions which helps Government to identify the transaction that can attract taxes.
Government introduced SFT To keep a tab on black money and high value transactions
SFT = Statement of Financial Transactions
High value transactions reflect in Form 26AS
Banks, Corporates, Mutual fund Trustees report such high value transactions to income tax authorities
If fail to do so, they are imposed with penalties.
Check your Form 26AS before filing ITR
Declare related income to avoid income tax notice
Related Article: How To Find Out Which ITR Form To Fill?
Fill in the details and our Income Tax Filing experts will get in touch with you. Hassle-Free Online ITR Filing with Fintoo! Start e-Filing
To get started with personalized Automated financial planning visit – http://bit.ly/Financial-Planning-Tool
Disclaimer: The views shared in blogs are based on personal opinion and does not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.
Related Posts
Old vs New Tax Regime. Which one should you select? FFC episode 34
https://youtu.be/QmHWCitJEUU The old regime is the one that existed all these years which comes with allowed...
