InvestorQ : Do I need to inform the government of my all spend soon after the SFT(Statement of financial transactions) becomes applicable?
Swati Naik made post

Do I need to inform the government of my all spend soon after the SFT(Statement of financial transactions) becomes applicable?

Answer
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Ria Roy answered.
1 month ago


No, you do not have to inform the government about anything other than those mandatory for the purpose of return filing. All your purchases and expenses beyond a specified threshold shall be automatically submitted to the IT department through the returns of those organizations from which you will make purchases and who falls under the ambit of SFTs(Statement of financial transactions).

All the details mentioned in any account which is mapped to you shall be reflected in your Form 26AS and shall be available on the website of the income-tax department. In that case, you shall make sure that the details mentioned in your Form 26AS match with the return you have filed.