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Income Tax

Specified Financial Transactions

27th August – Specified Financial Transactions

Specified Financial Transactions One significant change in the new Income Tax Return e-filing form is the new Form 26AS — which has been effective from June 1, 2020 — which would alert the taxpayer about his or her large financial transactions through the year. This is mentioned in the statement of specified financial transactions (SFTs). …

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Operation Clean Money | PIB Summary

Income Tax Department (ITD) has initiated Operation Clean Money. Operation Clean Money The initial phase of Operation Clean Money involves e-verification of large cash deposits made during 9th Day of November to the 30th Day of December 2016. Data analytics has been used for comparing the demonetisation data with information in ITD databases. In the first batch, around 18 lakh persons have been …

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