PUNE: An outreach programme for filing the Statement of Specified Financial Transactions (SFT) was conducted recently by Director of Income Tax (Intelligence and Criminal Investigation), Pune for the members of the Pune District Urban Co-operative Banks Association Limited (PDCUBAL).
The SFT is required to be filed by banks and other specified entities in accordance with section 285BA of the Income Tax Act, 1961 with respect to the high value specified transactions undertaken by them from third parties. SFT is an annual return filed with the Income Tax Department by the reporting entities such as the bank, sub-registrar office, etc. The due date for filing SFT for financial year 2017-18 is May 31, 2018.
The programme started with inaugural speech by Advocate Subhash Mohite, Chairman PDUCBAL with Sanjiv Shankar, IRS, Director of Income Tax (I & CI), Pune. Other dignitaries at the programme included KJ Kawade, IRS, Addl Director of Income Tax (I &CI), Vitthal Bhosale, IRS, Dy Director of Income Tax (I & CI) and Trupti Patel, IRS, Dy Director of Income Tax (I & CI), Pune. The purpose of the outreach programme was to educate as well as to understand the difficulties in filing SFT faced by officers and officials of PDUCBAL’s member banks i.e. 100 co-operative banks.
Sanjiv Shankar explained the basic issues and online procedure for filing SFT. He explained the online procedure in accordance with web portal report.insight.gov.in. He also explained the necessity of filing correct SFT which is a source of information for the Income Tax Department to verify the sources of income for the high-value transactions.
The programme was attended by 90 bank officials from Pune, Ahmednagar, Satara, Sangli and Kolhapur. All participants were actively involved and raised questions regarding the facts and technical difficulties in online filing of the SFT. All queries raised by the participants were answered by the officers in charge of Director of Income Tax (Intelligence and Criminal Investigation).