IT officials organise awareness programme on filing SFTs
Officials from the Directorate of Intelligence and Criminal Investigation (I&CI) for Andhra Pradesh and Telangana, Hyderabad, in association with the office of the Assistant Director of Income Tax (I&CI), Vijayawada, conducted an awareness programme on filing Statements of Financial Transactions (SFTs) on Tuesday.
The initiative was aimed at guiding reporting entities on the correct procedures and compliance expectations associated with SFT submissions. The session brought together stakeholders responsible for reporting high-value financial transactions to the Income Tax Department.
Focus of the session
Assistant Director of Income Tax, R. Shiva Kumar, briefed participants on the latest provisions under the Income Tax Act, 2025, and outlined the procedure for filing SFTs. The discussion centred on ensuring that reporting entities understand recent updates and the steps involved in preparing and submitting SFTs within prescribed timelines.
Income Tax Inspectors N. Madhusudhana Rao and B. Shyam Sundar provided detailed guidance on filing SFTs accurately, emphasising the importance of error-free submissions. They explained common pitfalls in reporting and highlighted best practices to minimise discrepancies during filing.
Participants
District registrars and sub-registrars from NTR and Krishna districts attended the programme, along with Income Tax officials and staff. The participation of registration department personnel underscored the role of registrars in reporting transactions that fall under SFT requirements.
Significance
The awareness drive sought to enhance procedural clarity among reporting entities and strengthen compliance with SFT norms. By outlining recent statutory provisions and the practical aspects of accurate filing, officials aimed to improve the quality and reliability of SFT submissions.
The programme concluded with an emphasis on meticulous reporting and adherence to the updated provisions under the Income Tax Act, 2025.
