On the day Prime Minister Narendra Modi promised to make the tax system painless, faceless and seamless, the Taxman triggered suspense proposing a series of measures to widen the tax base.
On Thursday evening, much after Modi’s announcements, the Government’s Citizen Engagement Platform, myGov, tweeted a slide that listed 11 Specified Financial Transaction (SFT) to be reported by payment receiver or supplier of goods and services to the Income Tax Department.
But very soon this slide was removed from social media and neither the Finance Ministry officials nor I-T Department officials would comment on it, leaving everyone confused
“It is just a proposal and should be viewed only as such,” was all that a senior CBDT official would tell BusinessLine.
The SFTs included annual payment of educational fee/donations above ₹1 lakh; electricity consumption above ₹1 lakh; domestic business class air travel, foreign travel, payment to hotels above ₹20,000; purchase