CA Umesh Sharma
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Arjun (Fictional Character): Krishna, the festival of Ganesh Chaturthi has arrived. What does Ganpati Bappa have to address the taxpayers this year? Krishna(Fictional Character): Arjuna, the festival of Ganesh Chaturthi has brought joy in the environment. Recently, the taxpayers charter was intro
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FAQ :
The extended SFT aims to ensure better compliance and transparency in the taxation system by expanding the scope of reporting for various transactions.
All persons with bank transactions above Rs. 30 lakhs, professionals and businesses with a turnover above Rs. 50 lakhs, and those paying rent above Rs. 40,000 are mandated to file an SFT return.
Key transactions include payments to hotels above Rs. 20,000, property tax payments above Rs. 20,000, health insurance premiums above Rs. 20,000, electricity consumption above Rs. 1 lakh, and deposits/credits in current accounts above Rs. 50 lakh.
Failure to report these transactions in the SFT return may lead to scrutiny and assessments by the tax authorities.
The taxpayer's charter sets out the commitment of the Income Tax department and the expectations of taxpayers.
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