SFT TRANSACTION

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This query is : Resolved

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A consultant's Form 26AS shows an SFT transaction of approximately £13 lakhs for credit card payments. They are seeking advice on whether this needs to be disclosed in their Income Tax Return and, if so, how. The general consensus is that while no specific disclosure is required for the payment itself, the income declared in the Income Tax Return should be proportionate to such expenditure.

Sivaramakrishna MBA

Sivaramakrishna MBA (Querist)

10 October 2020 Hai Dear Friends Good Evening.
One Of My Client Who Is working as consultant In an MNC.Now While filing his income tax Returns In Form 26as we find out that SFT Transaction Of Approx 13lakhs For Credit card Payment.
Kindly Share Your Valuable Advise Weather Is It Disclosed While Filing Income tax Return Or Any Special Treatment For the above mentioned Transaction.
If Need to be Disclose under which Transaction It show?
Kindly Guide Me For Further Process.
Pls Elaborate If Possible Regarding SFT Transaction.
Thanking You All.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

10 October 2020 No need for any disclosure on such payment. Income disclosed in the ITR should be commensurate with such spending.

Shrikant Toshniwal

Shrikant Toshniwal (Expert)

10 October 2020 IT DEP IS GIVING YOU THE INFORMANTION IN FORM 26AS SO AS WHEN YOU FILL YOUR ITR YOU KNOW ABOUT UR SPENDING AND DEPOSITS SHOULD BE COVER UNDER YOUR ANNUAL RETURN

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