A seminar on filing of statement of financial transactions was conducted here recently by the Directorate of Income Tax (Intelligence and Criminal Investigation), Hyderabad.
Officers of I&CI explained the provisions of the Income Tax Act that govern the filing of the SFT and gave a demonstration on the filings to the gathering comprising officers of urban cooperative banks in the State and the Post Master General, Telangana. The officers of the IT Department wing highlighted the importance of filing SFT in augmenting revenue collection. They also emphasised the need for rectifying the defects in the filings.
The participants were also made aware of all statutory requirements and the importance of quoting PAN (Permanent Account Number) where the transactions exceed the threshold limit, a release on the seminar said.
