Transparent Taxation Scheme: The expenses that are going to reflect in 26AS
Transparent Taxation Scheme: The expenses that are going to reflect in 26AS PM Modi launched the transparent taxation scheme on the 13th of August 2020, which brings many changes in the taxation system. The government said no taxpayer should be left behind in the drive to ensure better compliance and transparency. The Income Tax Department is looking forward to digging the data to identify people, who are making large purchases but are not paying taxes or filing their tax returns. Expenses that are going to reflect in 26AS. Expansion of scope of reporting of transactions(SFT):- Payment of Education fees exceeding Rs.1 lakh. Payment of donation above Rs.1 lakh p.a Electricity consumption above Rs.1 lakh. Domestic business class air travel / foreign travel. Expenditure of Rs 2 lakh on foreign travel. Payment to hotels above Rs.20000. Deposit above Rs 1 crore in the current account. Purchase of Jewellery, white goods, painting, marble, etc. above Rs.1 lakh. Deposit or credits in the cu