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Financial Literacy News: As the deadline for updating Income Tax Returns (ITRs) for the fiscal year 2020-21 draws near, many individuals have recently received emails from the Income Tax Department regarding significant transactions flagged in their Annual Information Statement (AIS). Here's what you need to know about these communications and how to address them:
The Income Tax Department said, "The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. This information is reflected in the Annual Information Statement (AIS) module and is available to the persons/entities for viewing. The value of ‘Significant Transactions in the AIS has been used for carrying out this analysis." Read here to know what are these specified financial transactions .