16 transactions which tax dept gets to know via SFT returns; Report them now to avoid possible jail term for misreporting income

Banks and financial institutions file the Specified Financial Statement (SFT) with the income tax department, detailing taxpayers' financial transactions. This PAN-based information is used to monitor financial activities and detect potential tax evasion. Discrepancies between reported income and financial transactions can trigger scrutiny, penalties, and even prosecution for tax evasion, emphasizing the importance of accurate ITR filings. Read more.

from Tax-Wealth-Economic Times https://ift.tt/mvZ5tgR