HYDERABAD: A seminar on filing statements of financial transactions (SFTs) was conducted by the Directorate of Income Tax (intelligence and criminal investigation) at the IT Towers in Masab Tank on Wednesday, explaining the provisions of the I-T Act governing the filing of SFTs.
Sub-registrars from Hyderabad, Rangareddy and surrounding districts attended the programme in large numbers.
Addressing the gathering, M. Vijay Kumar, IRS, director of Income Tax (I&CI) (AP & TS), Hyderabad, explained the importance of filing of SFTs by the sub-registrars in augmenting revenue collection. He also touched upon the e-verification scheme as it led to a sharp spike in the filing of updated returns.
Sub-registrars are statutorily obligated to report immovable property transactions exceeding Rs 30 lakh and collect the PAN of all transacting parties for transactions exceeding Rs 10 lakh. A statement containing all reportable transactions is required to be filed by sub-registrars by May 31, 2023. The Directorate of Intelligence and Criminal Investigation is tasked with ensuring the timely and defect-free filing of SFTs.
Participants appreciated the efforts of the directorate in sensitising sub-registrars about the statutory provisions of the Income Tax Act and walking them through the procedure of SFT filing.
The seminar was presided by M. Vijay Kumar and M. Venkat Rajesh, additional inspector general, registration and stamps, Telangana.
Waseem Ur Rehman, addl. director (I&CI) and V. Srinivasulu, joint inspector general, registration and stamps, were also present.
