Income Tax Dept. holds awareness programme on Statements of Financial Transactions
The Income Tax Department conducted an awareness programme on Statements of Financial Transactions at the KDCCB branch. Assistant Director Deshpal Singh highlighted the importance of accurate SFT filing and the role of Cooperative Central Banks in supporting local economies. He also warned of penalties for late submissions and advised on common filing errors to avoid.
- ▪The awareness programme was held under the supervision of the directors of the Investigation and Central Information Wing.
- ▪Deshpal Singh emphasized the importance of accurate filing of Statements of Financial Transactions.
- ▪He warned that delays in filing could result in a penalty of ₹500 per day under Section 271FA of the Income Tax Act.
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The Income Tax Department (ITD) organised an awareness programme on Statements of Financial Transactions (SFT) under the supervision and guidance of the directors of its Investigation and Central Information Wing, at Krishna District Cooperative Central Bank (KDCCB) branch here on Tuesday. Addressing the seminar, Assistant Director of Income Tax, Krishnagiri Deshpal Singh, emphasised that SFT must be filed accurately and without errors and underlined the crucial role played by Cooperative Central Banks in providing financial services to rural borrowers, small traders, and rural entrepreneurs. He stated that SFT helps in identifying high-value cash transactions and contribute to transparent tax administration.Mr.
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