5 days ago
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The Office of the Income Tax Officer conducted an outreach programme connected the provisions and procedural aspects of filing of Statement of Financial Transactions (SFT), successful Visakhapatnam connected Friday.
The programme was attended by subdivision managers of District Cooperative Central Banks (DCCBs) from Visakhapatnam, Vizianagaram, Srikakulam and Anakapalli districts, cardinal stakeholders successful the compliance and dissemination model nether the Act.
During the session, the captious relation of DCCBs successful agrarian recognition transportation and fiscal inclusion of tiny traders and agrarian entrepreneurs was highlighted. Officials emphasised the value of close filing of Statement of Financial Transactions (SFT) successful Form 61A, which enables the section to place high-risk currency transactions and fortify non-intrusive, data-driven taxation administration.
Participants were sensitised connected reporting requirements relating to currency deposits and withdrawals successful savings and existent accounts during a fiscal year. Common errors successful SFT filing, specified arsenic non-aggregation of accounts crossed branches, incorrect day formats and non-reporting of Form 60 cases, were besides addressed.
Special accent was laid connected error-free filing of Form 61A earlier the owed day of 31st May 2026 to debar punishment nether Section 271FA, which provides for a levy of ₹500 per time for delayed compliance.
Officials of the Income Tax Department explained the reporting and compliance obligations applicable to banking institutions, including prescribed forms, statutory timelines, integer filing procedures, attraction of records and updated compliance mechanisms.
The officials opined that specified outreach initiatives are aimed astatine promoting amended knowing of the provisions of the Act and facilitate creaseless implementation of the Income Tax Act, 2025 done effectual stakeholder engagement.
