Expanded reporting under SFT
Expanded reporting under SFT Transactions (Specified Financial Transactions)| Honoring the Honest Eradicating black money has always been one of the key planks of every Government. The main reason for the generation of Black Money amidst a large group of people in the country is to escape from the plight of paying large amounts of income taxes. The Government of India came forward to curb the scope of black money by taking numerous initiatives in this regard. One such spacious activity taken by the government is to report the SFT transactions (specified financial transaction). Now the very first question arises is how this reporting helps the government in curbing black money and reduction in concealment of taxable Incomes? Income tax liability is a self assessed liability by the assessee and the assessee tries to understate his taxable income by not reporting various transactions and end up paying less taxes. Therefore, the department has shifted the onus of reporting to the cou